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regular-article-logo Thursday, 18 July 2024

'Factually incorrect': Yes Bank denies reports of RBI nod for 51 per cent stake sale

'The bank would like to clarify that the contents of the said article are factually incorrect and purely speculative in nature. The RBI has not given any in principle approval as stated in the article and this clarification is issued by the company voluntarily to dispel the baseless media article'

Our Special Correspondent Mumbai Published 10.07.24, 11:41 AM
Representational image

Representational image File picture

The shares of Yes Bank on Tuesday ended in the green after the private sector lender clarified that news reports suggesting a Reserve Bank of India (RBI) nod for a 51 per cent stake sale was ``factually incorrect’’.

``The bank would like to clarify that the contents of the said article are factually incorrect and purely speculative in nature. The RBI has not given any in principle approval as stated in the article and this clarification is issued by the company voluntarily to dispel the baseless media article,’’ Yes Bank said in a regulatory filing.

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The announcement led to its shares climbing 2.84 per cent to 26.42 during intra-day trades on the BSE. The scrip, however, gave up a large part of the gains to settle at 25.80, a rise of 0.43 per cent over the last close. At finish, it had a market cap of 80,846 crore. On the NSE, the Yes Bank share ended at 25.82, a gain of 0.55 per cent.

$10bn valuation

According to the news report, a likely sale could value Yes Bank around $10 billion. It added that the lender had appointed Citigroup to shortlist suitable promoters and that some of the bidders are interested only if they are allowed to acquire 51 per cent in the bank.

While State Bank of India (SBI) holds 23.99 per cent in Yes Bank, the other banks who hold stakes include HDFC Bank at 2.75 per cent, ICICI Bank at 2.39 per cent, Axis Bank (1.01 per cent) and Kotak Mahindra Bank (1.21 per cent).

Apart from them, Life Insurance Corporation held 3.98 per cent during the period ended May 5, 2024 as per stock exchange data.

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