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SBI Denies Reports of Yes Bank Stake Sale via Block Deal



Sbi Denies Reports Of Yes Bank Stake Sale Via Block Deal

State Bank of India (SBI) has denied reports of a stake sale in private lender Yes Bank. Rumors had circulated suggesting that SBI was planning to sell Rs 5,000-7,000 crore worth of Yes Bank shares via a block deal. However, in a regulatory filing to the stock exchanges, SBI clarified that the media reports were factually incorrect.


The stake monetization was seen as potentially helpful for SBI, as the state-run bank had made pension-related provisioning in the previous quarter. SBI currently holds a 26.13% stake in Yes Bank, with the stake valued at Rs 22,900 crore.


HDFC Bank, which recently received approval from the RBI to increase its stake in Yes Bank up to 9.5%, held a 3% stake at the end of the third quarter. The additional 6.5% stake that HDFC Bank intends to acquire is valued at Rs 5,747.20 crore.


Shares of Yes Bank were trading flat at Rs 29.74 on the BSE, while SBI’s stock climbed 3.71% to trade above Rs 700. Other banks like ICICI Bank, Axis Bank, Kotak Mahindra Bank, and IDFC First Bank also have stakes in Yes Bank.


Earlier this week, SBI held meetings with investment firms such as Goldman Sachs AM, Nomura AM SG, Sentosa, Prudence, PG Investment Management, and M&G. Kotak Securities also met with SBI on Tuesday.


This clarification from SBI comes after media reports suggested that the bank was considering a complete stake sale in Yes Bank via a block deal. However, Yes Bank has also clarified that it is not involved in any negotiations related to the news.


As of now, there are no material events that need to be disclosed under Regulation 30 of the listing regulations, according to Yes Bank.

Rachel Adams

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