It started with Carlyle Group selling 20 million shares in HDFC Ltd, doubling the returns on its 2007 investment. The same day, Warburg Pincus sold 17.5 million shares of Kotak Mahindra Bank, making well over 130 per cent returns on its 2004 investment. Finally, Temasek sold nearly half of its stake in ICICI Bank raking in a return of 3.5 times on their initial investment made in 2003
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