HSBC is likely to sell stake in private sector lenders Axis Bank and
Yes Bank as part of its global strategy and is understood to have appointed merchant bankers for the deals.
The UK-based banking major is in the process of offlaoding stake in Axis Bank and Yes Bank and has already appointed merchant bankers, according to sources.
HSBC has 4.75 per cent stake amounting to 1.9 crore shares in Axis Bank through HSBC IRIS Investments Mauritius Ltd, according to the latest Bombay Stoxk Exchange (BSE) filings available.
It also has
4.76 per cent stake in Yes Bank and holds 1.67 crore shares in it through the Mauritius-based entity.
To be done through block deals by HSBC Securities, the two stake-sales could be worth about Rs 2,430 crore at the prevailing market price of the India-based lenders.
When contacted HSBC declined to comment on the issue.
In December 2003, HSBC had bought about 20 per cent in Axis Bank (then UTI Bank) from private equity major CDC. The British bank bought the stake in Yes Bank in 2008.
In April, the
Netherlands-based Rabobank sold about 3.4 per cent stake in Yes Bank for about Rs 453 crore. Rabobank sold 1.26 crore shares for Rs 357.03 a piece through an open market transactions.
Of this, Bajaj Allianz Life insurance picked up 25.2 lakh shares, while Citigroup Global Markets Mauritius picked up 22 lakh shares at Rs 357 per unit, according to BSE data.
Rabobank owned about 1.67 crore shares or 4.73 per cent stake in Yes Bank at the end of March 31, 2012.
In 2010, Rabobank had sold about 11 per cent in Yes Bank and had thus reduced its stake in Yes Bank from around 15.9 per cent to 4.9 per cent. Rabobank has been reducing its stake in Yes Bank as it plans to enter banking space on its own in the country.
Earlier this year, Citigroup sold its stake in housing finance major HDFC for nearly Rs 10,000 crore ($1.9 billion), while US private equity major Warburg Pincus offloaded its stake in Kotak Mahindra Bank for about Rs 1,350 crore ($274 million).
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