HSBC Securities Mauritius is planning to sell its stake in two private sector banks, Axis Bank and Yes Bank, according to various reports citing sources.
The deal to sell stake was routed via block window at a discount of 3 per cent and the shares of the two banks have fallen significantly. The global banking major sold 4.75 per cent stake or 2.05 crore shares in Axis Bank through several block deals. The shares of the bank were trading 3 per cent lower at Rs. 970.30 on the Bombay Stock Exchange (BSE).
On the other hand, HSBC sold 4.75 per cent stake totaling 1.67 crore shares. The shares of Yes Bank fell 2 per cent and were trading at Rs. 328 on the NSE. As many as 21 million shares exchanged hands at the exchange this morning till the time of reporting.
Khazanah Nasional, Malaysia’s state investment arm had sold its 4.17 per cent stake in Yes Bank for around $110 million in March and global financial services giant Citigroup, sold its entire stake in the Housing Development Finance Corporation (HDFC) for $ 1.9 billion.
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