Yes Bank surged 27.47% to Rs 37.35 after the media reported that the government may ask State Bank of India (SBI) to lead a consortium that will buy stake in the private lender.
Meanwhile, shares of SBI were down 0.53% to Rs 283.80.
In February, Yes Bank informed that it had received non-binding expressions of interest from investors including JC Flowers, Tilden Park Capital, OHA UK and Silver Point Capital. The bank and its financial advisors are currently in discussions with these investors on the commercial terms, including pricing, of their investments which, it will be subject to certain conditions and receipt of requisite approvals, including regulatory approvals with respect to the size of the stake to be acquired, as well as necessary dispensations with regard to applicable pricing guidelines.
The bank and its management is deeply engaged with the exercise outlined above and which includes extensive work with its investment bankers, legal and accounting advisors, the investors and the independent vendor/legal due diligence commissioned for investors, it added.
The private lender delayed its December quarter earnings to on or before 14 March 2020.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
