Citigroup Inc., New York, said Tuesday it has reduced its 11.4% stake in Housing Development Finance Corp. Ltd., Mumbai, India, by 1.5% to a 9.9% beneficial interest.
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Citi said reducing its holdings in HDFC below 10% would give it some relief when Basel III capital rules are adopted.
The New York-based company said it did not plan to sell any additional shares in the Mumbai-based HDFC and remains committed to India and its market. Citi will receive about $160 million in pre-tax profit from the transaction.
