AZB, S & R and Cleary Gottlieb on Rabobank stake sale in YES Bank

Rabobank, after 12 years, may take up the wholly-owned route to launch its banking operations in India. As a start to setting up its own banking operations, the Dutch lender on Monday sold 3.73 crore shares in YES Bank, approximately 11 percent of its stake. This move reduced Rabobank’s stake in YES Bank from an approximately 15.9 percent to 4.9 percent. The stake valued at nearly Rs. 980 crore ($ 215 million) was sold to purchasers identified by the Placing Agents, who were led by Citigroup.