The Hindu Business Line : Market buzz on Citigroup offloading

Rumours over imminent sell offs and unchecked lists of local companies in which Citi group outfits and clients supposedly have investments have been doing rounds in the market circles.

Some such lists were found to be partially correct. In a few cases, Citigroup has exited a few quarters ago.

According to the Managing Director of an investment banker, in which Citigroup has over 1 per cent recorded stake through P-notes, said that his organisation did not get any indication of an imminent sale possibility.

“There is no panic button for sale in Indian equities appeared to have been pressed either by Citi or by its clients,” he said.

CEO of an engineering company said that Citi has been slowly selling some of its investments since last one year or so. “They have exited our company some months earlier,” he added.

A random search suggests that Citigroup still has over investments in 50 companies, majority of the mid-cap, through different vehicles and names.

According to an official of another company, in which the group still has substantial investment said if they sell the stake, they would not offload in the market in an unorganised manner.

A market participant said that it is expected that in most cases they would go in for well prepared deals taking the company concerned into confidence, even if they are market sale.

Jayanta Mallick

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