MUMBAI: The hunt for capital to meet new regulatory requirements has compelled Citi to sell it 10.92% stake in HDFC for an estimated $2 billion which makes it the largest equity offering ever. The shares are being offered through a book building process to institutional investors.
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The story so far
1977
HDFC, promoted by ICICI, Aga Khan Foundation and IFC, comes into existence
1978
Floats Rs 4-crore IPO. ICICI, Aga Khan Foundation and IFC hold 15%.
1995
Signs MoU with Standard Life of UK which picks up stake in the mortgage company
2000
Issues second private placement to Standard Life
2002-03
Standard Life increases stake to 14% through open market purchase
2006
Standard Life sells 9.77% stake, which it had acquired for Rs 350 crore to Citi for Rs 3,020 crore
2012
Citi seeks to raise over Rs 10,000 crore from its 9.85% HDFC stake sale
Read full article at The Times of India com
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