 "Global investors cashing in their holdings in Indian financial firms")
UK lender HSBC on Wednesday offered its entire stakes in India’s Axis Bank and Yes Bank through share sales worth up to Rs 2,450 crore, according to a term sheet obtained by Reuters.
HSBC offered 19.6 million shares in Axis Bank for Rs 950.9-970.9 each and 16.8 million shares in Yes Bank for Rs 318.1-324.8 per share through its Mauritius subsidiary, the term sheet said.
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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 US private equity firm Warburg Pincus sold its stake in Kotak Mahindra Bank to raise about $274 million.