Malaysian sovereign wealth fund Khazanah Investments sold its entire 4.17 per cent stake in YES Bank on Monday.
The fund held 1.467 crore shares or 4.17 per cent stake in YES Bank through its Mauritian subsidiary Titiwangsa Investments.
“The stake was sold in a block deal on Monday at a slight discount to the market price,” confirmed a banking analyst of a multinational brokerage.
“The approximately $110-million transaction at market price, represents strong investment appetite for YES Bank's stock, reinforcing our resilient business and financial model and significant future growth opportunities,” said Mr Rana Kapoor, MD & CEO. However, the entity(ies) which bought this stake is not yet known.
Khazanah had invested in YES Bank in March 2007.The fund realised 157 per cent over and above the value of their investment said experts. This, assuming they had entered the scrip at Rs 140.70 to a share which was the closing price of YES Bank on the BSE on March 30 2007.
According to the bank's shareholding pattern of March 2007, Titiwangsa Investments Mauritius Ltd held 1.39 crore shares or 4.99 per cent. The YES Bank stock was down marginally and closed at Rs 364.7 to a share shedding 40 paise over its previous close.
raghavendrarao.k@thehindu.co.in
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.