Global banking giant HSBC, on Tuesday, sold its entire 5 per cent stake in Kerala-based private sector lender Federal Bank for a little over Rs.341 crore through open market transactions.
According to bulk data available with the stock exchanges, HSBC held 85.16 lakh shares, or 4.98 per cent stake in Federal Bank through HSBC IRIS Investments Mauritius Ltd.
The shares were sold on an average price of Rs.401.04, valuing the deal at Rs.341.53 crore, as per BSE data. Shares of Federal Bank dropped by 3 per cent to close at Rs.401.90 on the BSE. Meanwhile, Warhol, which held 24.12 lakh shares, or 1.41 per cent stake, in the Kerala-based bank at the end of June quarter, further bought 11.75 lakh shares for Rs.47 crore. Also, ICICI Prudential Mutual Fund acquired 10.43 lakh shares of Federal Bank for Rs.42 crore.
Earlier in June, HSBC had offloaded its entire holdings in Axis Bank and Yes Bank for about Rs.2,425 crore through open market transactions.
Earlier this year, Citigroup sold its stake in housing finance major HDFC for nearly Rs.10,000 crore ($1.9 billion), while U.S. private equity major Warburg Pincus offloaded its stake in Kotak Mahindra Bank for about Rs.1,350 crore ($274 million).