Khazanah Nasional Buys Into Yes Bank; ChrysCap Makes Partial Exit At 11X
The Malaysian government’s investment arm Khazanah Nasional Bhd has bought 4.99 per cent stake in Yes Bank for Rs 215 crore ($49 million), according to The Economic Times. This values the bank at Rs 4,300 crore or close to $1 billion.
Private equity fund ChrysCapital has sold 3 per cent stake, while Citigroup Venture Capital International and others sold 1.99 per cent stake. KNB bought the shares at Rs 153 apiece.
This is a good exit for the private equity funds ChrysCap who had invested in Yes Bank in 2004 at Rs 14 a share. Almost 11 times. ChrysCap had paid a measly $5 million (Rs 22 crore) for a 7.5 per cent stake in Yes Bank (it works out to Rs 14 a share). Post the current transaction, ChrysCapital would still hold 2.36 per cent in the private sector bank.
CVCI’s remaining holdings in the company is not clear. The promoters held 35.88 per cent stake with Rana Kapoor holding 7.14 and and Ashok Kapur holding 12.54 per cent stake. Rabobank International Holding is a large stake holder with 19.29 per cent. (see the list of investors)
This is KNB’s third investment in India. It earlier bought 9.95 per cent in IDFC for Rs 848.16 crore and a 5 per cent in Apollo Hospitals for Rs 133.68 crore. KNB had bought the entire stake of Temasek Holdings in Apollo Hospitals.
ChrysCapital has made 11 times its money from this partial sell-off in Yes Bank. It invested in Yes Bank in 2004 at Rs 14 a share.
