Yes Bank Denies Reports of 51% Stake Sale

9 Jul 2024 , 01:12 PM

Yes Bank shares rose 2% in the morning trade session on July 9 after the lender confirmed that news rumours of a 51% stake sale are “factually incorrect and purely speculative.”

According to reports, the Reserve Bank of India (RBI) has approved the sale of up to a 51% interest in Yes Bank, clearing the door for new ownership of the private lender that experienced a major crisis just four years ago.

According to the Mint, a potential sale might value India’s sixth-biggest private bank in terms of assets at around $10 billion, making it the country’s largest banking acquisition.

However, in a statement with the bourses, the private lender responded, “The RBI has not granted any in principle approval as stated in the article.” The corporation has published this clarification voluntarily to refute the unfounded media article.

At 12.45 p.m., shares of Yes Bank were trading at ₹26.07 on the NSE, up almost 1.5% from the previous close.

SBI has 23.99% of Yes Bank, 2.75% of HDFC Bank, 2.39% of ICICI Bank, 1.21% of Kotak Mahindra Bank, and 1.01% of Axis Bank. LIC owns 3.98% of Yes Bank, 8.74% of CA Basque Investments, and 9.21% of Verventa Holdings. The total number of shares held by banks in Yes Bank declined from 36.74% in March to 35.18% in April.

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