Khazanah sells stake in India’s Yes Bank

Khazanah Nasional Bhd, the investment arm of the government of Malaysia, on Monday sold its entire 4.17% holding in Yes Bank Ltd for $110 million.

Khazanah held the stake in the new generation private sector bank through its foreign institutional investor registered in India called Titiwangsa Investments Mauritius Ltd.

Khazanah had purchased shares in Yes Bank through the secondary market in 2007 and has monetized its entire holding at approximately two-and-a-half times the original investment value, a Yes Bank media release said.

Khazanah’s stake was bought by multiple investors, mostly local mutual funds, a person familiar with the deal said.

“SBI mutual fund, Birla Sunlife mutual fund and Morgan Stanley mutual fund were among the buyers. But it is unclear how much each of them have bought,” the person said,

He declined to be identified because the information is confidential.