Indian block trades

HSBC exits Axis Bank and Yes Bank

The price will not be disclosed until after the shares are crossed today, but HSBC will raise at least $419 million from the sale of the two Indian banks.

HSBC has sold its entire stake in India’s Axis Bank and Yes Bank through two separate, but simultaneous block trades, raising at least $419 million. The trades accounted for 4.75% in each bank and appear to be part of HSBC’s continuing disposal of non-core assets.

The transactions took place after the close of Indian trading yesterday and the shares will be crossed before the market re-opens today. Due to the risk of slippage traders or investors not part of the deal “stealing” shares during the crossing, the final price will only be revealed after the cross has been completed. But according to sources, the blocks were well received...

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