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Private Equity | 24 February 2012

Citigroup Exits HDFC, Raises $2.01Bn

by Charmi Gutka
 
@charmi

Citigroup Inc is exiting its 9.85% stake in Housing Development Finance Corp. Ltd to raise upto$2.1bn.

The US bank wants to boost its capital base to meet Basel III banking regulations that will take effect at the start of next year.

Citigroup is selling 145.2 Mn shares representing 9.85% of the total equity of HDFC at Rs630-703.55 per share.

In 2006, Citigroup had acquired 9.3% stake for around Rs.2,900 Cr from Standard Life - HDFC's life insurance partner and it was subsequently increased to 11.4%.


Hager Acquires 51% Stake In Elcom India JV

Germany based Hager Group has acquired door communication systems provider Elcom International. As a part of this transaction, Hager has also acquired over 51% stake in Elcom Door-Communications (I) Pvt. Ltd.

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Matrix Partners Part Exits Muthoot Finance

Matrix Partners India LLC has sold a major part of its investment in gold loan company Muthoot Finance Limited for a consideration of INR 836.9 Mn in the open market. The firm sold 4.85 Mn shares amounting to 1.22% stake in the company at a unit price of INR 172.53. Also Government of Singapore picked up 0.87% stake for INR 603.5 Mn.

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