India’s largest lender State Bank of India (SBI), and HDFC Bank, Kotak Mahindra Bank, ICICI Bank, and seven other top lenders like ICICI Bank, and Axis Bank, among others, are reducing the 20% stake in Japan’s Sumitsui Banking Corporation (SMBC), which informs the private lin on Friday.
SBI division in Yes Bank
SBI announced that it will sell SMBC 13.19% stake in Yes Bank for an idea 8,889 crores. SBI 4,13,44,04,897 will discontinue equity shares, which is 13.19% stake, Yes Bank in Sumitomo Mitsui Banking Corporation 21.50 per equity share.
“As per the regulation of regulation of SEBI (listing obligations and disclosure requirements) 30 and other applicable provisions, 2015, we recommend that the Central Board (ECCB) Executive Committee of the bank (ECCB )’s Executive Committee at the meeting held on May 9, 2025, equal to YBL, equal to YBL1, Ybl1 equal to YBL1, Ybl1, Ybl1 equal to ybl1, ybl1 equal to ybl1. SBI said in a filing, “YBL shares, Sumitomo Mitsui Banking Corporation (SMBC) for Rs 21.50.
Total consideration amount for this transaction 8,888,97,05,285.50 (approx) 8,888.97 crore), subjected to all regulatory and statutory approval by the acquisition, it was added.
According to the March 2024 quarter, SBI staked 23.97% stake in Yes Bank. After the deal, its stake in the company will fall by 10.78%.
The stake sales are subject to all regulatory and statutory approval receives, it has been said. SBI said the said stake sales are expected to be completed from the date of execution within 12 months.
HDFC Bank, LIC and other to sell more than 6% stake
Additionally, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IDFC First Bank, Federal Bank and Bandhan Bank will collectively sell 2,136,830,297 equity shares, which represent 6.81% stake, Yes Bank.
ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Axis Bank and Life Insurance Corporation of India have simultaneously staked 11.34% stake in Yes Bank.
This was the first time in 2020 that these companies acquired bets at Yes Bank, which was part of the RBI bailout plan to stabilize the distressed private lender. These were part of the investment A Yes, 10,000 crore infusion to recur the bank and facilitate its restructuring under the guidance of RBI.
Mint For the first time, it was reported that SMBC of Japan has secured the Reserve Bank of India (RBI) Go-Farward to acquire 51% in Yes Bank. The SMBC will either buy less than 26% in YES Bank and merge through the share swap, or buy up to 26% and start an open offer, Mint told.
Sumitomo Mitsui Banking Corporation is a Japanese multinational financial services company belonging to Sumitomo Mitsui Financial Group. It has almost market capitalization 7.601 lakh crores.
Yes bank shares shut down the session about 10% more 20 Apis on BSE before the announcement.
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