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- By Aditya Pratap Singh
- Mon, 12 May 2025 10:55 AM (IST)
- Source:JND
Yes Bank share price zoomed over 8 per cent in the opening hour on Monday after State Bank of India and seven other lenders announced selling 20 per cent of their combined stakes in the firm to Japan's Sumitomo Mitsui Banking Corporation (SMBC) for a consideration of Rs 13,483 crore.
On the BSE, the stock increased 8.7% to Rs 21.70. The company's shares jumped 8.39% to Rs 21.70 on the NSE. The market value of the company increased to Rs 64,123.38 crore, an increase of Rs 1,415.15 crore.
Erases Early Gains
However, the banking stock lost majority of its gain despite huge rally in domestic market amid profit-booking. At around 10:42 Yes Bank shares were trading at Rs 20.44 on NSE, up 2.10% against previous day's closing price of Rs 20.02 per share. Meanwhile, the banknig stock's 52 week high and low values stood at Rs 27.44 and Rs 16.02 respectively.
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State Bank And 7 Other To Sell Stakes
The largest cross-border investment in the Indian banking industry was announced on Friday when State Bank of India (SBI) and seven other lenders announced that they were selling 20% of their combined stakes in Yes Bank to Sumitomo Mitsui Banking Corporation of Japan for a consideration of Rs 13,483 crore.
After the deal closes, SMBC will hold the largest stake in Yes Bank, a bank based in Mumbai.
Seven other lenders, including Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank, will sell their 6.81 per cent stake in Yes Bank for approximately Rs 4,594 crore, while SBI would dilute 13.19 per cent of the 20 per cent stake in favour of SMBC for a consideration of Rs 8,889 crore.
In March 2020, SBI and the seven other investor lenders made an investment in the bank as part of the YES Bank Reconstruction Scheme.
In a regulatory filing, SBI stated that the bank's executive committee of the central board (ECCB) had approved the sale of 413.44 crore shares, or 13.19 percent of the company's stake in Yes Bank, for a sum of Rs 8,888.97 crore.