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Jul 12, 2012, 08.23 AM IST | Source: CNBC-TV18

HSBC Mauritius plans to raise $400mn via stake sales

HSBC Bank Mauritius is planning to raise around USD 400 million via stake sales in Axis Bank and Yes Bank. These are going to be secondary market sales and it will be a block deal which will be executed tomorrow, reports CNBC-TV18’s Nimesh Shah quoting sources.

Nimesh Shah

Research Analyst, CNBC-TV18

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HSBC Bank Mauritius is planning to raise around USD 400 million via stake sales in Axis Bank and Yes Bank. These are going to be secondary market sales and it will be a block deal which will be executed tomorrow, reports CNBC-TV18's Nimesh Shah quoting sources.

The book is already launched to the investor. As far as Axis Bank is concerned, the entire book is of 1.9 crore shares and the price band is close to a 3-5% discount to the current price. The discount for Yes Bank is also similar. Close to 1.6 crore shares of Yes Bank is on the block. Sources claim, both the block deals are going to HSBC Mauritius.
 
What is interesting to note is that even in markets where there is a lack of appetite from larger investors, close to USD 400 million will be raised overnight through these two block deals.

Also watch the accompanying video.

READ MORE ON  HSBC, Axis Bank, Yes Bank, stake sales

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