Mumbai, May 6 (IANS). Private sector lender Yes Bank said on Tuesday that the talks with Sumitomo Mitsui Banking Corp (SMBC) of Japan are currently in the early stages.
“Such discussions are in the initial stage and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 not requiring a discult in this phase under Regulation 30 of 2015,” Yes Bank said in stock exchange filing.
Private sector bank with Mumbai headquarters also said that it regularly discovers opportunities with the aim of increasing shareholder price.
Yes Bank’s statement came in response to media reports that it is negotiating to sell a significant stake to SMBC, which has reached the final stage after months of talks.
The move is expected to begin an open offer for an additional 26 percent stake in Yes Bank as per SEBI guidelines.
In the morning trading on Tuesday, Jes Bank’s stock rose by more than 8 percent, as there were reports that the stake was going to be sold.
However, most of the benefits were eliminated with the closure of the share price to a 1.5 percent.
Public sector -major public sector company SMBC is interested in selling 20 percent stake to SMBC. SBI has a 23.97 percent stake in Yes Bank.
SBI was part of the union of banks who bought a stake in 2020 to save Yes Bank, when it was on the verge of collapse.
The move was taken by the RBI, which took control of Yes Bank after the cash crisis in view of the financial scam associated with the promoter.
Other banks like Axis Bank, Kotak Mahindra Bank and HDFC Bank are also expected to sell some of their stocks to SMBC as part of exit from Yes Bank.
Yes Bank recorded a 63.3 percent increase in net profit on an annual basis in the fourth quarter ended 31 March 2025, which increased to Rs 738.1 crore.
It was Rs 451.9 crore in the bank’s net profit in the same quarter of last year.
-IANS
SKT/ABM