Yes Bank rallies 9% after SMBC inks Rs 13,483 crore deal for 20% stake
Yes Bank shares jumped 8.7% in early trade to hit the day’s high of Rs 21.74 on BSE on Monday, May 12, after Japanese financial major Sumitomo Mitsui Banking Corp (SMBC) signed a definitive agreement to acquire a 20% equity stake in the lender for Rs 13,483 crore.
The deal values Yes Bank at Rs 67,411 crore, with the purchase price set at Rs 21.5 per share—marking a significant step toward SMBC potentially taking majority control of the bank.
As part of the transaction, State Bank of India (SBI) will sell 13.19% of its 24% stake in Yes Bank for Rs 8,889 crore. Additionally, seven private banks—HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IDFC First Bank, Federal Bank, and Bandhan Bank—will collectively divest 6.81% of…
