By Admin 
Yes bank: Yes Bank said on Saturday that the Reserve Bank of India (RBI) has approved the proposal to purchase a share of up to 24.99 % of Japan’s bank Sumitomo Mitsui Banking Corporation.
Citing the information given in the stock exchange on 9 May, Yes Bank said that the SMBC has proposed to buy 20 percent stake in the bank through the second market. These include 13.19 percent and seven other shareholders from State Bank of India – Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank and Kotak Mahindra Bank to procure 6.81 percent joint stake. After the acquisition, SBI’s stake in Yes Bank will be 10.2 percent.
How long will the approval remain valid?
Yes Bank has said that this approval will remain valid for up to one year from August 22, 2025. The Reserve Bank has also said that after this acquisition, SMBC will not be considered a promoter of the bank.
The SMBC Sumitomo is a fully owned subsidiary of the Sumitomo Mitsui Financial Group (SMFG), which is the second largest in Japan and the 14th largest banking group in the world. Its net worth is around $ 2 trillion US $.
It provides services related to banking, leasing, securities, consumer finance and credit cards. Sources who have been aware of the case had told the Reuters last month that the SMBC is also seeking approval to purchase an additional 4.9 percent stake in Yes Bank.
Yes Bank shares
Yes Bank shares declined on Friday, the last trading day of the week. On this day, it was closing at the level of Rs 19.28 with a decline of 0.77 percent in BSE. In the last one year, the bank shares have declined by more than 21 percent. However, in the last 5 years, bank shares have also gained 23 percent lead. Its 52-Veek high level is Rs 24.84 and 52-wheel’s low level is Rs 16.02. The bank’s market cap is 60,480.60,480.45 rupees.
Also read:
India’s export to China, goods worth Rs 50,112 crore sent between April and July