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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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China's Hareon Solar Partners Nereus Capital For India Foray

Chinese solar panel maker Hareon Solar Technology Company is partnering US-based, India-focused private equity firm Nereus Capital for foraying into the Indian sub continent as the former seeks to set up 150 MW of solar power plants in India in the next two years.

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