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%.
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.
Minda Industries is forming a 70:30 JV with Kosei International Trade and Investment Company Ltd., a Kosei Group company for manufacturing and supply of alloy wheels for passenger vehicles.