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Yes Bank trades higher on SBI's stake-buy rumours

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Capital Market

Yes Bank clarifies no knowledge of plans by SBI to buy stake.

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. The PSU bank has also been authorised to pick other members of the consortium, added reports.

Shares of Yes Bank were up 26.45% at Rs 37.05 while the SBI was up 0.86% at Rs 287.75.

Yes Bank clarified in afternoon today (5 March) that it has not received any communication from the Reserve Bank of India (RBI) or any other government or regulatory authorities or from SBI and hence the bank is unaware of any such decision. The bank further said it is in its usual course of business to explore various means of raising capital/ funds through issuance of securities to diverse set of investors to meet its business/ regulatory requirements.

 

Separately, SBI clarified today that it abides by the timelines under regulation of disclosing the developments, if any in the matter to stock exchanges.

Deteriorating asset quality, lack of fund raising effort and failure of top management in leading the bank out of crisis has severely affected Yes Bank's stock price. In last one year, Yes Bank has collapsed 84.39% underperforming Nifty Bank index which rose 4.41% in the same period.

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 private lender has delayed its December quarter earnings to on or before 14 March 2020.

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First Published: Mar 05 2020 | 3:27 PM IST

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