HSBC selling stakes in Axis Bank, Yes Bank
Posted by on Thu, Jun 28 2012 08:25 am
UK lender HSBC on Tuesday offered its entire stakes in Axis Bank and Yes Bank through share sales worth up to 24.5 billion rupees, according to a term sheet obtained by Reuters.
HSBC offered 19.6 million shares in Axis Bank for 950.9-970.9 rupees each and 16.8 million shares in Yes Bank for 318.1-324.8 rupees per share through its Mauritius subsidiary, the term sheet said.
Shares in both banks were being sold through HSBC's Mauritius subsidiary at discounts of 3 to 5 percent to their closing price on Tuesday, the term sheet said.
The Daily Star/Bangladesh/ 28th June 2012
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