HSBC Holdings Plc. (HBC: Quote,HSBA.L) is likely to sell its stakes in India's Axis Bank and YES Bank, raising around 24.5 billion Indian rupee ($0.43 billion), reports said Wednesday.
HSBC has a 4.76 per cent stake in YES Bank through its unit, HSBC Bank Mauritius Ltd A/C HSBC IRIS Investments Mauritius Ltd. The holding totals 16.8 million shares and the deal is expected to raise 534 crore Indian rupee to 546 crore Indian rupee.
The same Mauritian arm of HSBC has a 4.75 percent stake in Axis. HSBC is estimated to raise 1,860-1,900 crore Indian rupee from this transaction.
It was reported earlier this week that HSBC has entered into an agreement to sell HSBC Securities S.A, its equities broking business in Greece, to a group of investors led by Nikos Pantelakis, the current managing director of HSBC Securities. That transaction is expected to be completed in the third quarter.
HSBA.L closed Wednesday at 573 pence, up 13.60 pence or 2.43 percent, on a volume of 15.49 million shares.
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by RTT Staff Writer
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