Global banking giant, Citigroup has decided to sell its stake in Housing Development Finance Corp. for 95.5 billion rupees or about $1.9 billion.

Citigroup sold 145.3 million shares at the rate of Rs. 657.56 per share, the company said in a statement. The price level is at 6.2 percent discount to the HDFC’s closing price. The sale resulted in an income of $1.1 billion for Citigroup before accounting for taxes.

Citigroup was offering its shares for at Rs. 630 to Rs. 703.55. Citibank had held the stake for almost seven years. The company had earlier announced that it is planning to reduce its stake in Mumbai- based HDFC to 9.9 percent from 11.4 percent. After the sale the global giant will exit the investment in the Indian firm.

Citigroup as well as other global banking giants are planning to Asian assets economic conditions are forcing the lenders to raise capital. Citigroup is also planning to raise about $20 billion in debt this year to make payments for a 2008 emergency credit program.

The shares of HDFC fell 6.3 percent today following the sale of sake by the global giant. It’s shares fell Rs. 657.50 in the morning trade today at the Bombay Stock Exchange (BSE).