Institutional shareholders continue to take advantage of the run-up in Indian share prices this year by reducing or exiting their stakes in various stocks. The latest in line is Khazanah Nasional, which sold its entire remaining stake in Yes Bank through a block trade before the market opened yesterday.
The state-owned Malaysian investment company raised Rs5.3 billion $106 million from the transaction, which was priced at the top of a narrow range at a discount of just 1.2% versus Friday’s close. Credit Suisse was the sole bookrunner.
Notably, the offering came after Yes Bank’s share price jumped 8.4% on Friday, which brought the year-to-date gains to 53.3%...
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