Rabobank cuts stake in Yes Bank, raises $215 million

The Dutch bank reduces its stake from 15.9% to 4.9% to comply with a regulatory requirement as it prepares to launch its own banking unit in India.

Netherlands-based Rabobank yesterday sold an 11% stake in India's Yes Bank through an accelerated block trade, raising Rs9.8 billion $215 million. Rabobank was required to reduce its holdings to below 5% as it is planning to apply for a full banking licence and set up its own banking unit in India. It will hold about 4.9% after this transaction.

The Citi-led block, which was launched after the Indian market closed on Monday and priced before the start of trading yesterday, attracted good demand from top-tier institutions and was covered in just two hours, partly with support of an unidentified anchor investor which bought about one-third of the deal.

However, investors were clearly not...

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