Latest news with #Rs.8888.97
India Gazette
09-05-2025
- Business
- India Gazette
SBI divests 13.19% stake in Yes Bank to SMBC for Rs 8889 crores
New Delhi [India], May 9 (ANI): The State bank of India on Friday announced the divestment of 13.19 per cent of its stake in Yes Bank Limited (YBL) to Sumitomo Mitsui Banking Corporation (SMBC). The decision taken involves divesting 413,44,04,897 equity shares of Yes Bank at a price of Rs 21.50 per share, to Japanese multinational financial services company, Sumitomo Mitsui Banking Corporation (SMBC). SMBC will buy the shares at a price of Rs 21.50 per share, the total consideration amount comes to nearly Rs.8888.97 crores. This decision was approved by the Executive Committee of the Central Board (ECCB) of SBI in a meeting held on Friday, May 9, 2025. The deal needs to be closed within 12 months from the date of the agreement which is May 9, 2025, or such other date as mutually agreed by SBI and SMBC. SMBC had earlier sought approval of the Reserve Bank of India (RBI) to acquire 51 per cent stake in Yes Bank. As of March 2025, SBI held a 23.97 per cent stake in Yes Bank. With this partial exit, SBI will nearly halve its holdings in Yes Bank while realizing substantial gains on its investments, nearly doubling its investment value on the shares sold. In 2020, SBI invested Rs 6,050 crore to acquire a 49 per cent stake in Yes Bank as part of a rescue plan for the troubled lender. However, after private equity firms Carlyle and Advent invested in the bank last year, SBI's stake was reduced to 26.14 per cent. It may be recalled that the Central Government has roped in the SBI to recapitalise Yes Bank, which was in the verge of collapse owing to mismanagement by its erstwhile promoter. Several other commercial banks and LIC hold little more than 11 per cent stake in Yes Bank. Despite Indian stock market closed at over a per cent down, on this news Yes Bank share closed 9.82 per cent up on Friday at NSE closed at Rs 20.02 per share and 9.77 per cent up at BSE closed Rs 20 a share. (ANI)
Business Standard
09-05-2025
- Business
- Business Standard
State Bank of India to divest 13.19% stake held in Yes Bank
State Bank of India announced that the Executive Committee of the Central Board (ECCB) of the Bank in the meeting held on 9 May 2025 has accorded approval to divest 413,44,04,897 equity shares of Yes Bank (YBL), being equivalent to 13.19% (approx.) of Yes Bank shares to Sumitomo Mitsui Banking Corporation (SMBC), at Rs.21.50 per equity share, for a consideration of Rs.8888,97,05,285 and paisa 50 only (Rs.8888.97 crores approx.), subject to receipt of all regulatory and statutory approvals by the acquirer. Powered by Capital Market - Live News
