SBI Sells 13.19% stake in Yes Bank for Rs 8888.97 Crores
SBI announces divestment of its 13.19% stake in Yes Bank to Sumitomo Mitsui Banking Corporation for approximately Rs 8888.97 crores. Decision taken in a meeting today.
New Delhi: State Bank of India in a meeting held today states that the Executive Committee of the Central Board (ECCB) of the Bank has accorded approval to divest 413,44,04,897 equity shares of Yes Bank Limited (YBL), being equivalent to 13.19% (approx.) of YBL shares to Sumitomo Mitsui Banking Corporation (SMBC), at Rs.21.50 per equity share, for a consideration of Rs. 8888,97,05,285 and paisa 50 only (Rs. 8888.97 crores approx.), subject to receipt of all regulatory and statutory approvals by the acquirer.
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The expected date of completion of sale/disposal is within 12 months from the date of execution, or such other date as mutually agreed.
Sumitomo Mitsui Banking Corporation (SMBC), a Japanese multinational financial services company belonging to the Sumitomo Mitsui Financial Group
(SMFG) is the buyer of the share.