HDFC shares dips on Carlyle Group stake sale

Housing Development Finance Corporation shares fell on Friday after media reports that U.S. private equity firm Carlyle Group is set to sell a 3.7% stake to raise as much as $861 million.

The shares of the company was seen trading lower by 4.61% at Rs 751 on BSE at 10.30 am IST. It touched intra-day low of Rs 738.

Carlyle is selling about 57 million shares of HDFC in a price band of 760 rupees to 781.25 rupees a share - a discount of 1-3.7 percent from the lender's closing price on Thursday of 789.05 rupees, the term sheet said, as per Reuters report.

As per reports, the deal would raise $861 million, making it India's fourth-largest equity deal this year.

HDFC's consolidated net profit rose 25.1% to Rs 1275.86 crore on 21.6% growth in total income to Rs 7276.51 crore in Q1 June 2012 over Q1 June 2011.

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