1 week ago
News reports from earlier on Tuesday, May 6, which stated that Sumitomo has received approval from the Reserve Bank of India, to acquire 51% stake in Yes Bank, is incorrect, Banking sources in the know told CNBC-TV18 exclusively.
The source further added that there is no application pending before the RBI from Sumitomo to acquire stake in Yes Bank.
Shares of Mumbai-based private lender Yes Bank Ltd. had surged as much as 9%, after multiple reports had suggested that Japan's Sumitomo Mitsui Banking Corp (SMBC) has received the approval from the Reserve Bank of India, to acquire 51% stake in the lender.
Citing people aware of the developments, the reports stated that the deal may value Yes Bank at $1.7 billion, under which, SMBC will either buy less than 26% stake and do a merger through a share swap, or may be up to 26% stake and trigger an open offer.
"The Bank is on a growth trajectory and routinely explores opportunities with various stakeholders, which are aimed at enhancing shareholder value. However, such discussions are preliminary and do not warrant a disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) regulations, 2015, at this stage," Yes Bank said in an exchange filing.
As per the March quarter shareholding pattern, SBI had a 24% stake in Yes Bank, followed by lenders like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank and LIC.
Vervanta Holdings Ltd. had a 9.2% stake in the lender, while CA Basque Investments had a 6.84% stake.
Yes Bank also has nearly 62 lakh small retail shareholders, or those with authorised share capital of up to ₹2 lakh, who have a 22.55% stake in the lender.
Yes Bank was rescued by a consortium of banks, led by SBI, in 2020 after the RBI had superseded the bank's board. Back then, the lender fell short of liquidity requirements and its founder & CEO Rana Kapoor failed to win the RBI's approval to continue at the helm.
Since Kapoor's exit in 2019, Yes Bank does not have a promoter.
Shares of Yes Bank are off opening highs after the CNBC-TV18 newsbreak, currently trading 3.2% higher at ₹18.29.
