Citigroup Sells Stake In Indian Mortgage Co. For $2B

Law360, New York (February 24, 2012, 1:52 PM EST) -- Citigroup Inc. has sold its nearly 10 percent stake in Indian mortgage company Housing Development Finance Corp. for $1.9 billion as part of its ongoing capital planning efforts, the banking giant announced late Thursday.

Citigroup said the sale of its 145.3 million shares in the Mumbai-headquartered housing finance company would result in a gain of $1.1 billion before taxes and an after-tax gain of about $722 million.

HDFC, which had an asset base of $27.6 billion, has interests in banking, insurance, asset management and property funds....
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