The Hindu Business Line : Citi confirms HDFC stake buy

Citigroup has confirmed that it has signed a definitive agreement to purchase Standard Life's 9.3 per cent equity stake in HDFC Ltd.The purchase will raise Citigroup's equity interest in HDFC to 12.3 per cent, said a release from Citigroup.HDFC has also announced that Citigroup will nominate one candidate to its 13-person board. Mr Sanjay Nayar, Citigroup Country Officer, India, said, "We are pleased to have the opportunity to make this investment in a leader in Indian financial services and to build a long-term relationship with the management team that has established HDFC's record of success."

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