HSBC exits Axis Bank and Yes Bank

HSBC's sale of Indian bank shares yields $423 million

HSBC sells its stake in Axis Bank at a 4.5% discount and offloads its shares in Yes Bank at a 3.5% discount.
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HSBC has announced at least 15 disposals or closures this year as partof a drive to dispose of non-core assets.
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<div style="text-align: left;"> HSBC has announced at least 15 disposals or closures this year as partof a drive to dispose of non-core assets. </div>

HSBC ended up raising $423 million from the sale of its entire holdings in India’s Axis Bank and Yes Bank after fixing the price of both transactions above the bottom of the indicated ranges in the case of the smaller Yes Bank deal above the mid-point even.

The bookbuilding for the two concurrent block trades took place after the market closed on Wednesday, but the price wasn’t revealed until after the shares were crossed on the Indian stock exchanges yesterday.

According to a source, the Axis Bank trade was priced at Rs955.90, which translated into a discount of 4.5% versus Wednesday’s close of Rs1,000.95. The shares were...

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