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Citi gets strong demand for HDFC share sale: Sources

Last Updated: Friday, February 24, 2012 - 09:42

Mumbai: Citigroup Inc's offer to sell its entire stake in Housing Development Finance Corp (HDFC) has received bids for more than twice the number of shares, two sources with direct knowledge of the deal said on Friday.

Most bids for the HDFC shares have come at around Rs 645 apiece, compared with its Thursday's close price of Rs 701.30, said the sources, who declined to be named as the details of the deal are not public yet.

Citigroup plans to raise about USD 2 billion by selling its entire 9.9 percent stake in India's top lender as part of the US bank's efforts to shore up its capital base, sources with direct knowledge said on Friday.

Bureau Report

First Published: Friday, February 24, 2012 - 09:42
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