India's CSB Bank rises after top shareholder's stake sale
27/06/2024 06:08
** Shares of CSB Bank Ltd CSBB.NS up 4.1% at 370.60 rupees
** CSBB's top shareholder Fairfax via FIH Mauritius
Investments sells 9.7% stake in private bank in 5.9 billion
rupees deal; stake drops to 40%
** In November, India cenbank asked FIH to reduce
shareholding to 26% over 15 years; stake sale moves FIH closer
to compliance
** Stock rose as much as 7.5% earlier in the day
** Around 1.5 mln shares traded, ~5x the 30-day volume
** CSBB trims YTD losses to 11.4% but trails private bank
stocks' .NIFPVTBNK ~10% rise so far this year
(Reporting by Nandan Mandayam in Bengaluru)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))