HSBC offloads entire 4.98% stake in Federal Bank for Rs341 crore
MDT/PTI 29 August 2012

HSBC sold its entire 4.98% stake in Federal Bank at an average price of Rs401.04 per share, while Warhol and ICICI Prudential MF increased their stake in the Kerala-based lender

 
Mumbai: Global banking giant HSBC has sold its entire five% stake in Kerala-based private sector lender Federal Bank for a little over Rs341 crore through open market transactions, reports PTI.
 
According to bulk data available with the stock exchanges, HSBC held 85.16 lakh shares, or 4.98% stake in Federal Bank through HSBC IRIS Investments Mauritius Ltd.
 
The shares were sold on an average price of Rs401.04 valuing the deal to Rs341.53 crore, as per BSE data.
 
Meanwhile, Warhol, which held 24.12 lakh shares, or 1.41% stake, in the Kerala-based bank at the end of June quarter, further bought 11.75 lakh shares for Rs47 crore. Also, ICICI Prudential Mutual Fund acquired 10.43 lakh shares of Federal Bank for Rs42 crore.
 
Earlier in June, HSBC had offloaded its entire holdings in Axis Bank and Yes Bank for about Rs2,425 crore through open market transactions.
 
HSBC, which held 4.75% in Axis Bank through HSBC IRIS Investments Mauritius Ltd, sold the entire stake for about Rs 1,880 crore.
 
The UK-based entity also divested its 4.76% holding in Yes Bank. At the time of stake sale, the deal was valued at around Rs550 crore.
 
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).
 
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