Citigroup Inc. sold about 43.1 million shares in India-based L&T Finance Holdings Ltd. through a bulk deal for 7.8 billion Indian rupees, Reuters reported Nov. 21, citing "a person with knowledge of the transaction."
Citigroup Global Markets Mauritius Pvt. Ltd., a unit of Citigroup, sold the shares at the bottom end of a price range of between 180.50 rupees and 188.05 rupees.
The unit initially planned to offload 39.2 million shares, or a 2.15% stake, in L&T Finance Holdings, Reuters noted from a term sheet.
About 20 investors participated in the bulk deal, for which Citigroup was the sole bookrunner.
The stake sale aimed partly reducing Citigroup Global Markets Mauritius' hedge position in connection with a total return swap between itself and Bain Capital.
As of Nov. 21, US$1 was equivalent to 64.91 Indian rupees.