<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">India&rsquo;s largest lender, State Bank of India (SBI), announced on Friday that it will sell a 13.19 % stake in private lender Yes Bank to Japan&rsquo;s Sumitomo Mitsui Banking Corporation (SMBC) for ₹ 8,889 crore.&nbsp;</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">The move is part of a strategic shift as SBI trims its holding in Yes Bank, which it had acquired during the latter&rsquo;s financial crisis in 2020. SBI will offload over 413 crore shares of Yes Bank at ₹ 21.50 per share.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">&ldquo;Pursuant to Regulation 30 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we advise that the Executive Committee of the Central Board (ECCB) of the Bank, in the meeting held on May 9, has accorded approval to divest 4,13,44,04,897 equity shares of Yes Bank Limited (YBL), being equivalent to approximately 13.19 % of YBL&rsquo;s shares, to Sumitomo Mitsui Banking Corporation (SMBC) at ₹ 21.50 per equity share," SBI said in its stock exchange filing.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">The transaction is subject to regulatory approvals from bodies such as the Reserve Bank of India (RBI) and the Competition Commission of India (CCI), and is expected to be completed within a year.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">SBI currently holds a 23.97 %</span><span style="font-family: georgia, palatino, serif; font-size: 12pt;"> stake in Yes Bank as of March 2024. After the deal with SMBC goes through, its stake will reduce to 10.78 %.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">The bank disclosed the development in a stock exchange filing, stating that its executive committee approved the sale in a meeting held on May 9.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">Federal Bank also announced a separate deal to sell a 0.5 % stake in Yes Bank at the same price of ₹ 21.50 per share, amounting to a total value of ₹ 357.5 crore.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">Shares of Yes Bank reacted positively to the news, ending 10 per cent higher on Friday at ₹ 20.05.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">Meanwhile, earlier this week, media reports suggested that SMBC had received RBI&rsquo;s approval to acquire up to 51 % stake in Yes Bank.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">The reports said SMBC could either opt for a direct purchase of up to 26 % or pursue a share swap through a merger.</span></div>
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<div><span style="font-family: georgia, palatino, serif; font-size: 12pt;">Yes Bank responded to these reports by saying that while it is on a growth trajectory and routinely explores options with various stakeholders, the talks with SMBC were still at a preliminary stage.</span></div>
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<div><em><strong><span style="font-family: georgia, palatino, serif; font-size: 12pt;">&mdash;IANS</span></strong></em></div>

SBI trims Yes Bank stake, sells shares to SMBC at ₹21.50 apiece

SBI to Sell 13.19% Stake in Yes Bank to SMBC

SBI trims Yes Bank stake, sells shares to SMBC at ₹21.50 apiece

May 9, 2025 | 18:05 IST