SBI to sell 13.19% stake in YES Bank to Sumitomo Mitsui Banking for ₹8,889 crore. Check details
India's largest lender State Bank of India (SBI), and seven other top lenders like HDFC Bank, Kotak Mahindra Bank, ICICI Bank, and Axis Bank, among others, are cumulatively offloading a 20% stake in YES Bank in favour of Japan's Sumitomo Mitsui Banking Corporation (SMBC), the private lender informed exchanges on Friday, May 9.
SBI announced that it will sell a 13.19% stake held in YES Bank to SMBC for a consideration of ₹ 8,889 crore. SBI will offload 4,13,44,04,897 equity shares, amounting to a 13.19% stake, of YES Bank to Sumitomo Mitsui Banking Corporation at ₹ 21.50 per equity share.
'Pursuant to Regulation 30 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we advise that the Executive Committee of the Central Board (ECCB) of the Bank, in the meeting held on 9th May, 2025, has accorded approval to divest 4,13,44,04,897 equity shares of YES Bank Limited (YBL), being equivalent to approximately 13.19% of YBL's shares, to Sumitomo Mitsui Banking Corporation (SMBC) at Rs. 21.50 per equity share," SBI said in a filing.
The total consideration for this transaction amounts to ₹ 8,888,97,05,285.50 (approximately ₹ 8,888.97 crores), subject to receipt of all regulatory and statutory approvals by the acquirer, it added.
SBI held a 23.97% stake in YES Bank as of the March 2024 quarter. Following the deal, its stake in the company would drop to 10.78%.
The stake sale is subject to receipt of all regulatory and statutory approvals by the acquirer, it said. The said stake sale is expected to be completed within 12 months from the date of execution, SBI added.
Additionally, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis bank, IDFC First Bank, Federal Bank and Bandhan Bank will collectively sell 2,136,830,297 equity shares, representing 6.81% stake, of YES Bank to Sumitomo Mitsui Banking Corporation.
ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Axis Bank and Life Insurance Corporation of India together hold an 11.34% stake in Yes Bank.
It was first in 2020 that these companies had acquired stakes in YES Bank, as part of RBI's bailout plan to stabilise the troubled private lender. These investments were part of a ₹ 10,000 crore infusion to recapitalise YES Bank and facilitate its restructuring under the RBI's guidance.
Mint was the first to report that Japan's SMBC has secured the Reserve Bank of India's (RBI) go-ahead to acquire 51% in Yes Bank. SMBC will either buy less than 26% in YES Bank and do a merger through a share swap, or may buy up to 26% and launch an open offer, Mint had reported.
Sumitomo Mitsui Banking Corporation is a Japanese multinational financial services company belonging to the Sumitomo Mitsui Financial Group. It has a market capitalisation of nearly ₹ 7.601 lakh crore.
YES Bank shares closed the session nearly 10% higher at ₹ 20 apiece on the BSE ahead of the announcement.
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