Yes Bank Shares Surge as CCI Approves SMBC's 24.99% Stake Acquisition
Yes Bank's stock rose by 4% as the Competition Commission of India approved Sumitomo Mitsui Banking Corporation's proposal to acquire a 24.99% stake in the bank. This approval follows the Reserve Bank of India's earlier nod for the transaction.
- Country:
- India
On Wednesday, shares of Yes Bank saw a notable increase of 4% following the clearance given by the Competition Commission of India (CCI) for Sumitomo Mitsui Banking Corporation's (SMBC) plan to acquire a 24.99% stake in the private sector lender.
The stock concluded trading at Rs 20.36 on the Bombay Stock Exchange (BSE), marking a rise of 4.09%, while it momentarily reached Rs 20.38 during the session. At the National Stock Exchange (NSE), the shares increased similarly by 4%, closing at Rs 20.35.
This development comes after last month's announcement when Yes Bank disclosed that the Reserve Bank of India had sanctioned SMBC's acquisition plan, reinforcing the strategic move undertaken by the Japanese financial giant's wholly-owned subsidiary.
(With inputs from agencies.)
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