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SBI sold SMBC 413 crore shares of Yes Bank at a price of Rs 21.50 per share.
State Bank of India i.e. SBI has sold its 13.18% stake in Yes Bank to Sumitomo Mitsui Banking Corporation (SMBC) in Japan. The deal between SMBC and SBI was done for Rs 8,889 crore.
In this deal, 4.13 billion shares of Yes Bank, i.e. 413 crore shares were transferred at a price of Rs 21.50 per share. According to SBI, this sale was approved by the Reserve Bank of India (RBI) on 22 August and the Competition Commission of India (CCI) on 2 September.
The deal was already approved by the Executive Committee of the Central Board of SBI in the meeting held on 9 May. After this sale, SBI’s stake in Yes Bank has now come down to 10.8%.
Sumitomo Mitsui Banking Corporation is a Japanese multinational banking financial services institution. Whose ownership is with Sumitomo Mitsui Financial Group.
Earlier this year, SMBC bought 20% stake in Yes Bank
Earlier, earlier this year, SMBC bought a 20% stake in Yes Bank for Rs 13,483 crore. It was one of the largest deals of any foreign investment in the Indian banking sector.
More than 13% of this 20% stake was SBI, while the remaining 7% was from other Indian banks like Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank and Kotak Mahindra Bank.
These banks purchased a share of Rs 10 per share in 2020 under the reconstruction plan of the government -led Yes Bank.
RBI approved SMBC to increase the stake in Yes Bank by 24.99%
RBI allowed SMBC to increase its stake in Yes Bank by 24.99%. According to the report, SMBC can either purchase the remaining 4.99% stake from private equity investors Advent and Carlile or can get a preferred share from the bank through the issue issue. The RBI had said that SMBC would not be considered a promoter of the bank after purchasing a stake.
SBI shares closed at Rs 856.90 with a rise of 3.05%
After this news, SBI’s share rose by 3.05% to close at Rs 856.90 today. At the same time, Yes Bank’s stock rose 0.29% to close at Rs 21.07.
Yes Bank’s stock has climbed 10% in the last one month. The stock has climbed 31% in the last six months. At the same time, the bank’s stock has fallen 10% in a year. Its market cap is 66.31 thousand crores.
Yes Bank’s 1,200+ branches in more than 710 countries
Yes Bank, banking and financial survival provides. The bank has 1,200+ branches, 1300+ ATMs and 8.2 million customers in more than 710 countries.
Yes Bank founder is Rana Kapoor. He established this bank in 2004. The bank’s managing director and Chief Executive Officer (CEO) is Prashant Kumar.
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