Mumbai, Feb 25 (UNI) Hongkong Shanghai Banking Corporation (HSBC) has sold 7.19 per cent of the shares of UTI Bank for Rs 638 crore, taking its stake in the Indian bank to 4.99 per cent.
The shares were sold at an average price of Rs 318.61 each through the Bombay stock exchange.
HSBC India group General Manager and CEO Niall S K Booker said, the stake was sold yesterday at the prevailing high prices of UTI Bank and ''to realise a better return of our strategic investment in the bank.'' ''UTI Bank is a profitable, well-managed private bank in India, and our purchase of shares in it has been a successful financial investment,'' he said.
''In-line with the present regulation and to take advantage of the market strength, we are taking the opportunity to reduce our stake and realise some of the gains of our investment,'' he added.