HSBC has 4.75% stake (1.9 crore shares) in Axis Bank, through HSBC IRIS Investments Mauritius. It also has 4.76% stake in Yes Bank and holds 1.67 crore shares in it through the Mauritius-based entity
New Delhi: UK-based 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, reports PTI.
To be done through block deals by HSBC Securities, the two stake-sales could be worth about Rs2,430 crore at the prevailing market price of the India-based lenders.
HSBC has 4.75% stake amounting to 1.9 crore shares in Axis Bank through HSBC IRIS Investments Mauritius, as per the latest BSE filings available.
It also has 4.76% stake in Yes Bank and holds 1.67 crore shares in it through the Mauritius-based entity.
The global banking major is in the process of offloading stake in Axis and Yes Bank and has already appointed merchant bankers, according to sources.
When contacted, HSBC declined to comment on the issue.
In December 2003, HSBC had bought about 20% 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% stake in Yes Bank for about Rs 453 crore. Rabobank sold 1.26 crore shares for Rs357.03 apiece 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 Rs357 per unit, according to the BSE data.
Rabobank owned about 1.67 crore shares or 4.73% stake in Yes Bank at the end of 31 March 2012.
In 2010, Rabobank had sold about 11% in Yes Bank and had thus reduced its stake in Yes Bank from around 15.9% to 4.9%. 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 Rs10,000 crore ($1.9 billion), while US private equity major Warburg Pincus offloaded its stake in Kotak Mahindra Bank for about Rs1,350 crore ($274 million).