Citigroup has decided to reduce its stake in India's top mortgage lender Housing Development Finance Corp to about 10 percent from 11.4 percent now via stock market deals, two sources with knowledge of the transaction said on Monday.
The book for the stake sale is likely to be launched later on Monday, the sources told Reuters. They declined to be named as the matter is not public yet.
The stake to be sold by Citi is valued at about Rs 1,350 crore (USD 301 million) as per the current HDFC share price.
A spokesman for Citi in India declined to comment, while officials at HDFC could not immediately be reached.
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