HSBC ends UTI dream
HSBC closes a chapter on its Indian ambitions with the sale of a stake in UTI Bank.
HSBC raised $145 million late last week after selling a 7.19% stake in UTI Bank, the banking subsidiary of IndiaÆs largest mutual fund, the Unit Trust of India. The stake was sold to a small handful of funds including Fidelity Funds Mauritius, Crown Capital and Master Trust Bank.
HSBC divested the shares at an average price of Rs.318.60 each versus an acquisition price of Rs90 from private equity fund Actis then CDC Capital Partners. As such the bank has...
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