HSBC selling stakes in India’s Axis Bank, Yes Bank

UK lender HSBC on Wednesday offered its entire stakes in India’s Axis Bank and Yes Bank through share sales worth up to 24.5 billion rupees ($429.5 million), according to a term sheet obtained by Reuters.

By (Reuters)

Published: Wed 27 Jun 2012, 10:18 PM

Last updated: Tue 7 Apr 2015, 11:11 AM

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 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 sold its stake in top Indian mortgage lender Housing Development Finance Corp for $1.9 billion, while U.S. private equity firm Warburg Pincus sold its stake in Kotak Mahindra Bank Ltd to raise about $274 million.

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