SBI Approves Major Stake Sale in Yes Bank to SMBC
State Bank of India has approved selling a 13.19% stake in Yes Bank to Sumitomo Mitsui Banking Corporation for Rs 8,889 crore. The sale involves 413.44 crore shares at Rs 21.50 each, pending regulatory approvals, and is projected to finalize within a year.
- Country:
- India
The State Bank of India (SBI) announced on Friday its board's approval for the divestment of a 13.19% stake in private lender Yes Bank to Japan's Sumitomo Mitsui Banking Corporation (SMBC). The transaction, valued at Rs 8,889 crore, marks a significant move by the public sector bank.
According to the regulatory filing, the decision was made by the executive committee of the central board (ECCB) of SBI, entailing the divestiture of 413.44 crore shares at Rs 21.50 per equity share. This deal, vital for SBI's strategy, awaits necessary regulatory and statutory approvals.
As of March 2025, SBI held a 24% stake in Yes Bank. The transaction, which underscores a noteworthy shift in financial equity structures, is expected to conclude within 12 months from the execution date, contingent upon regulatory clearances.
(With inputs from agencies.)
- READ MORE ON:
- SBI
- Yes Bank
- SMBC
- stake sale
- banking
- finance
- India
- equity
- shares
- transaction
Google News