Yes Bank jumps 6%, SBI gains on reports of nod to sell off stake in private lender (2024)

SBI has received the government's approval to disinvest its 25.02 percent stake in Yes Bank.

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Shares of Yes Bank jumped as much asÂ6 percent and SBI gained over 1 percent on fresh news reports that the state-run lender has got the government nod to exit the private bank stake.

A news report on April 29 said that SBI has received the government's approval to divest its entire 25.02 percent stake in Yes Bank, as a lock-in period ended in March.

Also Read |ÂSBI denies reports on Yes Bank stake sale

Earlier, media reports said that SBI is likely to sell its entire stake in Yes Bank, with a block deal being the preferred mode of sale. The bank may look to sell Yes Bank shares worth Rs 5,000-7,000 crore through the block deal, with no taxes applicable on the sale, according to the media reports.

On February 8, SBI issued a clarification, denying reports of a stake sale in private lender Yes Bank.ÂIn a communication to exchanges, the country’s largest lender said that reports are factually incorrect.

At 10.36am, shares of SBI traded nearly 1 percent higher at RsÂ808.80 and Yes Bank shares were up by over 5 percent at RsÂ27.55.

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first published: Apr 29, 2024 11:04 am