New Delhi, Aug 23 Private sector lender Yes Bank on Saturday said that Japanese Sumitomo Mitsui Banking Corporation (SMBC) has received Reserve Bank of India's (RBI) nod to acquire 24.99 per cent stake in the bank.
This approval, which was granted by the RBI on August 22, will be valid for a year, the private sector lender said in an exchange filing.
However, the bank said that RBI had further clarified that with the stake acquisition, SMBC would not be treated as a promoter of the bank.
Earlier, on May 9, the stake purchase was first disclosed with SMBC acquiring 20 per cent in Yes Bank through a secondary transaction — including 13.19 per cent from State Bank of India and a combined 6.81 per cent from seven other banks: Axis Bank, Federal Bank, Bandhan Bank, ICICI Bank, HDFC Bank, IDFC First Bank and Kotak Mahindra Bank.
The central bank's nod is subject to other conditions including compliance with the relevant provisions of the Banking Regulation Act, 1949, RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies, provisions of the Foreign Exchange Management Act, 1999 and other applicable laws and terms including lock in, any subsequent transactions being subject to conditions and RBI’s decision, the bank said.
"Further, the consummation of the above-referred ‘Proposed Transaction’ is subject to approval from the Competition Commission of India (“CCI”) and customary conditions precedents as mentioned in the agreements referred in our intimation dated May 09, 2025," the bank stated.
Meanwhile, Yes Bank shares closed at 19.28, down 0.77 per cent on Friday. The stock slipped nearly 2 per cent in the last 5 sessions, while in the last 30 days, the shares fell over 3 per cent. In a year, the stock dipped over 20 per cent, while to date this year it has remained flat.
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