Credit Suisse Singapore sells 2.36% stake in Housing Development and Infrastructure

Credit Suisse (Singapore) Ltd has sold nearly one crore shares, equivalent to 2.36 per cent stake, in the Housing Development and Infrastructure Ltd (HDIL) through open market transactions.

In a filing to the BSE, HDIL said that Credit Suisse Singapore has sold 30,15,356 shares in the Mumbai-based firm between November 23, 2012 and January 23, 2013. It further sold 69,11,723 shares in HDIL on January 24, the filing added.

Credit Suisse (Singapore) has sold a total of 99,27,079 shares in HDIL. After these transactions, its stake in HDIL has reduced to 2.67 per cent from 5.04 per cent as on November 22, 2012.

HDIL share prices today declined by nearly four per cent at Rs 80.40 on BSE.

On January 22, HDIL promoter and Vice Chairman and Managing Director Sarang Wadhawan has sold 50 lakh shares for about Rs 57 crore through stock market. Post this transaction, the stake of Sarang Wadhawan has come down to 0.99 per cent from 2.19 per cent.

This development had led to HDIL share price falling by 14 per cent on January 23 and 22 per cent on January 24.

Promoters held 37.36 per cent stake in HDIL as on December 31, 2012.

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