SBI On Yes Bank: State Bank of India, the largest public sector bank, has made it clear that the news of selling shares of Yes Bank in a block deal Factually Incorrect Stock exchanges had sought clarification from State Bank of India regarding the news of selling shares of Yes Bank, after which SBI has given this information to the exchange in the regulatory filing.
In the morning, this news came from Moneycontrol that State Bank of India can sell shares of Yes Bank in a block deal. Before this news came out, Yes Bank shares were trading around Rs 32.70. But after this news came out, there was a sharp decline in the stock of Yes Bank and the stock slipped down to around Rs 29.
During the day, the stock exchange sought clarification from State Bank of India regarding the sale of Yes Bank shares. After which SBI, in its clarification to the stock exchanges, said that there is news on Moneycontrol's website that SBI can sell the shares of Yes Bank in a block deal. But we say that the news published in Moneycontrol Factually incorrect.
Earlier it was reported that SBI is considering raising Rs 5000 to 7000 crore. For this, SBI can sell its stake in Yes Bank in a block deal. SBI has 26.13 percent stake or 7,51,66,66,000 shares in Yes Bank. According to the current market value of Yes Bank, the value of SBI's stake comes to Rs 23000 crore. In March 2020, SBI bailed out Yes Bank from the financial crisis, when Yes Bank shares were issued to SBI at the rate of Rs 10 each.
Yes Bank has announced excellent results in the third quarter of the financial year 2023-24. After which, there has been a strong rise in the stock of Yes Bank in recent times. On Thursday, Yes Bank shares had reached a lifetime high of Rs 32.70. The stock has risen 75 percent in the last one year, 26 percent in a week and 112 percent in two years.
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