Yes bank: Japan’s Sumitomo Mitsui Banking Corporation (SMBC) now has the largest stake in Yes Bank. Yes Bank has informed on Tuesday that SMBC has won 4.22 percent in the bank and has won. With this, the SMBC stake in Yes Bank has now increased from 20 percent to 24.22 percent.
Shares obtained through off-market cell
Yes Bank has said in a regulatory filing that SMBC won 132.39 crore shares of the bank on September 22 through off-market sales. With this deal, the number of bank shares with SMBC has increased to 759.51 crore shares. Now SMBC is the largest shareholder of Yes Bank. The State Bank of India (SBI) has an important stake of more than 10 %. Whereas there was a time when SBI had 24 percent stake in Yes Bank.
With this, now during the trading session on Wednesday, there can be a stir in the shares of Yes Bank. Yes Bank said that SMBC has taken this step to speed up the investment between Japan and India, to accelerate corporate banking, treasury service and cross-border solution. In addition, Yes Bank said that four domestic credit rating agencies – Crisil, ICRA, India Ratings and Care – have now rated it AA.
SBI had announced to sell share in bank
Last week, the country’s largest bank SBI had announced to sell about 13.18 percent of Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for Rs 8,888.97 crore. The SMBC has entered into an agreement to increase its equity share at Yes Bank with CA Basque Investments, the Global Investment firm Carclail Group, to increase its equity share at 4.22 percent higher. Shortly before Korona’s arrival in March 2020, RBI and the government took necessary steps to keep Yes Bank in the market. Under this, banks led by SBI won 79 percent stake in Yes Bank, helping to maintain it.
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