HSBC has sold its entire 5% stake in Aluva, Kerala-based private sector lender Federal Bank for a little over Rs.341 crore. HSBC had held 85.16 lakh shares, or a 4.98% stake, in Federal Bank through HSBC IRIS Investments Mauritius Ltd. The shares were sold at an average price of Rs.401.04 apiece.
Earlier this year, HSBC offloaded its entire holdings in Axis Bank and Yes Bank for about Rs.2, 425 crore through open market transactions.
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