Housing Development and Infrastructure’s (HDIL) promoter and Citigroup Global Markets have offloaded their stake in the company via open market transaction on January 22 and 23. Sarang Rakesh Wadhawan, one of the company’s promoters sold around 50 lakh shares in secondary market to raise Rs 57 crore. Meanwhile, Citigroup Global Markets sold 49.30 lakh or about 1.16% stake in the company though a bulk deal on NSE at Rs 100.60 a piece on Jan 23.
Earlier in December, Credit Suisse (Singapore) offloaded 20.96 lakh shares of HDIL at an average price of Rs 114.67 per share taking the deal size to Rs 24 crore.
HDIL is a real estate development company. Its business activity comprises of construction and development of residential projects, commercial, retail and slum rehabilitation projects. It is also engaged in construction of special economic zone (SEZ).