Yes Bank
The market of discussion was hot for the last few days about the deal in Yes Bank’s shares. Today it was stamped. Let us tell you that more than 13% stake in SBI, Yes Bank will sell Japan’s SMBC for Rs 8,889 crore. The State Bank of India (SBI) announced on Friday that it has decided to sell a large number of its shares to Sumitsui Banking Corporation (SMBC) in Japan. In a meeting, SBI’s apex committee approved the sale of over 413 crore equity shares, which is about 13.19% of the total shares of Yes Bank, priced at Rs 8,889 crore.
Deal over market price
SBI has announced to sell shares to SMBC at a rate of Rs 21.50 per share. That is, the share of Yes Bank’s share has been higher than the market price. On Friday, Yes Bank’s stock rose 9.98% to close at Rs 20.05. That is, the deal has exceeded the market. However, one of the largest banks in India said in the exchange filing that the sale would take place only when the SMBC would get all the necessary approval from the regulators and officials. SBI, who led to rescue Yes Bank in March 2020 at the request of the Reserve Bank of India (RBI), acquired shares.
What will be the effect on the stock?
Market expert says that since SBI has signed the share of Yes Bank’s share above the market price. Therefore it is a good sign. Yes Bank’s stock has climbed 16.84% in the last one month. Right now it will see a big boom. As soon as the market mood atmosphere is corrected, the stock can show a price of Rs 30. Therefore, investors who invest for a long time can hold this stock.
Disclaimer: This article is written only for the purpose of information. Before any type of investment or before taking financial risks, consult your financial advisor. India TV will not be responsible for any type of risk.
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