UK lender HSBC (HSBA.L) on Wednesday offered its entire stakes in India's Axis Bank (AXBK.NS) and Yes Bank (YESB.NS) through share sales worth up to 24.5 billion rupees, according to a term sheet obtained by Reuters.
HSBC offered 19.6 million shares in Axis Bank for 950.9-970.9 rupees each and 16.8 million shares in Yes Bank for 318.1-324.8 rupees per share through its Mauritius subsidiary, the term sheet said.
Shares in both banks were being sold through HSBC's Mauritius subsidiary at discounts of 3 to 5 percent to their closing price on Wednesday, the term sheet said.
Goldman Sachs (GS.N) and HSBC are joint bookrunners for the sales.
Global institutional investors have been cashing in their holdings in Indian financial services firms.
Earlier this year, Citigroup (C.N) sold its stake in top Indian mortgage lender Housing Development Finance Corp (HDFC.NS) for $1.9 billion, while U.S. private equity firm Warburg Pincus sold its stake in Kotak Mahindra Bank Ltd (KTKM.NS) to raise about $274 million.
(Reporting by Fiona Lau, Daniel Stanton and Abhishek Vishnoi; Editing by Tony Munroe and Hans-Juergen Peters)
Trending On Reuters
RBI's Raghuram Rajan said that he wanted to hire talented external candidates and improve research quality at the central bank. The proposals would hardly seem out of place in any major institution on the planet. But at RBI, his ideas were seen by some as controversial. Full Article