Carlyle Sells Its Stake In HDFC For $841 Million

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U.S.-based global fund house Carlyle sold its 3.7 percent stake in India’s mortgage major Housing Finance Development Corporation (HDFC) Ltd for nearly 43 billion rupees ($841 Million) Friday.Carlyle, which held 57 million shares in HDFC, sold its entire holding through open market transactions at a price band between 760 rupees and 781.25 rupees, according to a Reuters report.  

The private-equity firm in February sold a part of its stake in HDFC for $270 million and it was the second largest stake holder in the Indian housing finance major then. The company originally invested $650 million in HDFC through one of its entities, CMP Asia, in 2007.

The Buyers of the HDFC shares included a clutch of overseas and Indian institutional investors, Reuters reported.

Earlier this year, Citigroup divested its 9.9 percent stake in HDFC for $1.9 billion as global banks have been taking the advantage of the stock exchange gains to take profit out of their Indian portfolio companies since January 2012.

The total proceeds from the share sales in India in the first nine months of 2012 were $8.9 billion from 59 deals, a rise from $8.3 billion in the same period last year, according to Thomson Reuter’s data.

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