The sovereign investment fund of Malaysian government, Khazanah Nasional, on Monday, sold its entire 4.2 per cent holdings in Yes Bank for $110 million (about Rs.550 crore).
“Yes, they have monetised their investment at a phenomenal premium. They came on board in March, 2007, and sold their entire 4.2 per cent stake at Rs.365 a share,” Yes Bank founder, Managing Director and Chief Executive Rana Kapoor told PTI.
“They were keen to increase their stake to 10 per cent by converting their portfolio investment into a strategic one. Since the Reserve Bank norms do not allow more than 5 per cent stake by a single entity, they decided to monetise their investment at a high premium,'' he added.
ADVERTISEMENT
With this, the foreign holding in the bank had fallen to under 50 per cent, Mr. Kapoor said. One of the leading foreign investors in the bank is the Netherlands' largest retail bank Rabobank with 4.8 per cent stake.