Carlyle cuts stake in HDFC through $270 million block

US private equity group Carlyle has raised Rs13.54 billion $270 million from the sale of about a quarter of its stake in India’s Housing Development Financing Corp HDFC. The block trade, which was led on a sole basis by Deutsche Bank, was completed late on Tuesday evening and is the first major equity transaction in the Indian market since LT Finance Holdings raised $277 million from an initial public offering in late July.

In 2011 as a whole, only $8.6 billion of deals where completed in the Indian equity capital markets, according to Dealogic a 66% drop from the year before. This may have contributed to the demand...