October 5, 2012 / 4:02 AM / 5 years ago

HDFC shares fall; Carlyle selling 3.7 pct stake

Labourers work at the construction site of a stadium on the outskirts of Agartala, September 28, 2012. REUTERS/Jayanta Dey

MUMBAI (Reuters) - India’s top mortgage lender Housing Development Finance Corp (HDFC.NS) falls 3.2 percent as U.S. private equity firm Carlyle Group is set to sell a 3.7 percent stake to raise as much as $861 million, according to a term sheet seen by Reuters.

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.

Reporting by Rafael Nam; Editing by Prateek Chatterjee

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