Khazanah exits India’s Yes Bank

More than 14 million shares, held in Khazanah's Titiwangsa Investments Mauritius arm, were sold at INR362 each on Monday - a 1.2% discount to Yes Bank's last closing price of INR366.25 last Friday. The price was at the higher end of the INR360-362 price range, however.

Credit Suisse was the sole mandated bookrunner for the block deal.

Khazanah bought 4.99% of Mumbai-listed Yes Bank for about $49 million from ChrysCapital, Citigroup Venture Capital International and others in 2007.

Yes Bank reported revenues of $374 million for the year to March 2011, alongside a post-tax profit of almost $145 million.

Khazanah's exit comes after Warburg Pincus raised $170 million by selling 17.5 million shares in Kotak Mahindra Bank earlier this month. Similarly, in February, The Carlyle Group sold about 20 million shares in mortgage lender Housing Development Finance Corp. for $270 million, and Singaporean sovereign wealth fund Temasek Holdings sold a 1.4% stake in ICICI Bank for INR14.7 billion, reducing its shareholding in India's biggest private bank to 2%.

Bankers had been expecting to see several India exits via share sales this month, as the nation's main stock market index is up 14% so far this year. Having dropped more than 25% during 2011, the BSE India Sensex Index jumped by more than 10% in January, the first monthly increase in three months, and the strongest single-month performance since September 2010.

 

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• Topics
• Exits
• Financials
• South Asia
• India
• Financial Services
• Exit
• Khazanah Nasional
• Credit Suisse Private Equity Asia
• Warburg Pincus Asia
• The Carlyle Group
• Temasek Holdings