HSBC Iris Investments (Mauritius) Ltd ('HSBC'), an indirect wholly-owned subsidiary of HSBC Holdings plc, has sold its stakes in two non-core investments in India. The sales of 4.73% in Axis Bank Limited and 4.74% in Yes Bank Limited were undertaken on the Bombay Stock Exchange and the National Stock Exchange of India respectively.
The total cash proceeds from the sales were INR24.3bn (approximately US$425m), comprising INR18.8bn for the 4.73% stake in Axis Bank and Rs. 5.5bn for the 4.74% stake in Yes Bank.
Axis Bank, Yes Bank fall post HSBC stake sales