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.
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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.