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Citi sells stake in HDFC for $1.9 bln

Reuters

Citigroup Inc (C.N) said it sold its stake in Housing Development Finance Corp (HDFC.NS) for $1.9 billion, as the bank steps up efforts to strengthen its capital base. Citi said on Friday it would likely record an after-tax gain of about $722 million from the sale of its 9.9 percent holding in India's biggest mortgage lender.

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