Dutch lender Rabobank NV has sold about three-fourth of its 4.73 per cent stake in private sector lender Yes Bank, for about Rs453 crore.
Rabobank's sale comes just a month after Malaysian sovereign wealth fund Khazanah sold its entire holding of 4.17 per cent in Yes Bank for around $105 million (Rs527 crore). (See: Khazanah sells entire Yes Bank stake for Rs527 crore)
Rabobank, which has been present in India for over 12 years and currently has a wholly owned non-bank finance subsidiary Rabo India Finance, sold 1.67 crore shares or 3.4 per cent of Yes Bank at Rs357.03 each through open market transactions, a 2.54 per cent discount to Yes Bank's last traded price on 25 April.
Shares of Yes Bank, valued at $2.4 billion, closed at Rs357.10 yesterday.
Rabo Bank had acquired a 15.9 per cent stake in Yes Bank in 2004 when the Mumbai-based bank went public at Rs45 a share.
In order to meet regulatory requirements, Rabobank had in June 2010, cut its 15.9 per cent stake in Yes Bank by selling 37.3 million shares to a group of domestic and foreign institutional investors for about $213 million (Rs973 crore), bringing its holding down to 4.80 per cent. (See: Rabobank cuts stake in Yes Bank to pave way for own operation)
Set up in 2004, Yes Bank has over 331 branches across 200 cities, with over 420 ATM's and 2 National Operating Centres in Mumbai and Gurgaon.
Several overseas investors like Citigroup, Warburg Pincus, Carlyle Group and Singapore's sovereign wealth fund Temasek Holdings have recently reduced their holdings in HDFC, Kotak Mahindra Bank and ICICI Bank.