HSBC to sell stakes in two Indian banks: report
6/27/12 10:19 PM ET (MarketWatch)Print
HONG KONG (MarketWatch) -- HSBC Holdings PLC has offered to sell its stakes in Indian lenders Axis Bank Ltd. and Yes Bank Ltd. worth up to 24.5 billion rupees ($429.5 million), Reuters reported late Wednesday, citing a term sheet it has obtained. HSBC offered to sell 19.6 million shares in Axis Bank and 16.8 million shares in Yes Bank -- both private-sector banks -- through its Mauritius subsidiary. The offer was made at discounts of 3% to 5% of the closing price of the Indian banks on Tuesday. Goldman Sachs and HSBC are joint bookrunners for the sale, the report added. According to stock exchange records, HSBC held a total of nearly 38 million shares in Axis Bank as of March 31, via two separate accounts.
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