 "Carlyle sells 2 cr HDFC shares, owns over 3% post block deal")
US private equity investor Carlyle Group today sold a big chunk of its stake in India’s top mortgage lender Housing Development Finance Corp (HDFC) via stock market sales that could raise up to $283 million.
Carlyle sold about 2 crore of HDFC in blocks deals on Wednesday in a price band of Rs 676.90 to 697.85. The price band represents a discount of 0 to 3 percent on HDFC’s share price on Tuesday.
Shares of HDFC were trading at Rs 680.95, down 2.3 percent from the last close.
Carlyle, which currently owns just over 5 percent of HDFC, will pare its stake in the mortgage lender to nearly 4 percent after the share sale, the sources said, adding that Deutsche Bank has been hired by Carlyle to conduct the sale.
HDFC, Carlyle and Deutsche Bank declined to comment.
HDFC, which the market values at $20.5 billion, sold 18 million shares, or 7.11 percent of its equity at that time, to Citigroup and Carlyle at Rs 1,730 a share to raise up to Rs 3,114 crore .
In June last year Citigroup sold a 1.5 percent holding in HDFC. The sale was done ahead of the adoption of a global accord on banking that discourages large holdings by banks in other financial institutions.
Watch video: Carlyle owns over 3% post sale of 2cr shares: HDFC
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