HSBC disposes stake in India's Federal Bank

HSBC sold its entire five percent stake in Federal Bank for a little over Rs 341 crore through open market transactions.

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 to Rs 341.53 crore, as per BSE data.

Meanwhile, Warhol, which held 24.12 lakh shares, or 1.41 per cent stake, in 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.

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