The transaction is the most sales this year in India and is approaching on the heels of investors such as Carlyle paring their stakes in Indian companies after a sharp surge in the domestic market in 2012.
Analysts said more stake sales through block deals in the stock market is likely to happen in the near future, as buyout firms and strategic investors looking to cash in on investments made before the 2008 global financial crisis.
India main stock market index. BSESN has risen nearly 17 percent so far this year, making it one of the best musicians, a large global markets. The rally was mainly led by financial stocks.
"The stock market rally since the beginning of this year opened a window of opportunity for investors to book strong profits on their holdings," Jagannadham Thunuguntla, head of research at SMC Global Securities.
"A lot of these departures will take place in the next couple of months."
Citigroup launched the process to sell about 145 million shares, or 9.9 per cent stake in HDFC for between 630 rupees and 703.55 rupees per share, said the sources, declining to be named as the agreement is not public yet.
Shares in India's top mortgage lender HDFC, which has a market value of $ 21 million, ended down 0.1 percent at 701.30 rupees in a weak Mumbai market. BSESN ahead of the news.
The lower end of the sale price range represents a discount of 10 per cent to HFDC on Thursday next.
HDFC Chief Executive Keki Mistry told Reuters the company was informed about the launch of the agreement of Cite, but refused to give details. A spokesman for Citigroup in India declined to comment.
Quote is the only one bookrunner for the deal, the sources said.
The agreement will take it to the top of India's equity capital market league table, according to Thomson Reuters data. The bank, which ranked No. 2 in the ECM table in 2011, was not among the top three on the table before the transaction in 2012.
Block Deals
The output of HDFC is part of a Quote efforts to increase its capital base to meet new global banking rules, the sources said.
The European debt crisis broke in CEO Vikram Pandit plans to rebuild the bank that reported a 11 percent drop in its latest quarterly profit.
Quote, which had to be bailed out by the U.S. government during the financial crisis, which repaid the bailout investment.
Later that year, the company also planned to meet the latest $ 38 billion of obligations guaranteed by the Federal Deposit Insurance Corporation.
Quote, which is the largest shareholder in HDFC sold 1.5 per cent holding in the lender in June last year in a deal that the bank said would give it a pre-tax profit of $ 160 million.
The third largest U.S. bank by assets, bought just under 10 per cent of HDFC in 2006 for about 29 billion rupees ($ 589 million) and then added to their actions, to become the lender's top shareholder with 11.37 per cent holding.
Thursday's agreement is the fourth major stake sale through stock market is in India this month.
Singapore state investor Temasek Holdings TEM.UL, Carlyle Group and Warburg Pincus raised about $ 740 million by paring their stakes in financial companies in three separate deal earlier this month.
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