As part of its ongoing capital planning efforts, Citigroup Inc. (NYSE:C) has offloaded its entire stake in Housing Development Finance Corporation Ltd. (HDFC) through the National Stock Exchange.
The company sold 145.3 million shares in HDFC, representing 9.85% of the total stake. Proceeds from the stake sale are projected to be $1.9 billion, which would result in a pre-tax gain to Citigroup of $1.1 billion, and an after-tax gain of approximately $722 million.
In 2011, Citi had slashed its stake … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards