Rabobank sells 11% in Yes Bank

Rabobank sells 11% in Yes Bank

Mumbai: Dutch lender Rabobank sold about 11% in Yes Bank on Tuesday, a source with direct knowledge of the situation said, raising about $218 million.

Rabobank, which held about 16% in Yes Bank at end-March, sold roughly about 38 million shares through a series of block deals on the Bombay Stock Exchange and the National Stock Exchange, exchange data showed.

The deal was struck at a weighted average price of Rs266.16 a share, Reuters calculation showed, a discount of 5.5% from Monday’s close of Rs281.7.

Shares in Yes Bank were trading down 3.5% at Rs271.75 by 9:52 a.m., while the 30-share BSE index was down 0.4%. There were reports earlier that Rabobank was looking to sell its stake in Yes Bank, paving the way for the Dutch lender to open its own branch in Asia’s third-largest economy.

Officials at Rabobank and Yes Bank could not immediately be reached by for comment.

Citibank was the sole adviser to the deal.