Yes Bank shares jump 30 pc after SBI agrees to take 49pc stake


Business, Companies

The scrip witnessed a sharp rise, spiking 29.63 per cent to Rs 21 on the BSE

Yes Bank account holders stand outside a branch of the bank to withdraw money in Patna. PTI photo

New Delhi: Shares of Yes Bank on Monday zoomed over 30 per cent after State Bank of India (SBI) said it will pick up 49 per cent stake in the cash-strapped lender for Rs 2,450 crore.

The scrip witnessed a sharp rise, spiking 29.63 per cent to Rs 21 on the BSE.

On the NSE, it jumped 32.20 per cent to Rs 21.35.

SBI on Saturday announced it will pick up a 49 per cent stake in Yes Bank for Rs 2,450 crore and clarified that all the deposits and liabilities of the reconstructed bank will continue in the “same manner”.

“Yes Bank has 255-crore shares of Rs 2 per share. SBI will be issued 245 crore shares at a price of Rs 10 per share for Rs 2,450 crore. This will be 49 per cent of the share capital of the reconstructed bank,” the State Bank said in a statement.

SBI Chairman Rajnish Kumar had earlier said that it had set a maximum investment limit of Rs 10,000 crore for Yes Bank reconstruction process.

SBI shares were trading over 4 per cent lower at Rs 258.50 on the BSE.

Yes Bank has been struggling to raise capital amidst its dwindling financial health. It sought to raise USD 2 billion initially during this fiscal, which was then pruned to USD 1.2 billion as it could not rope in any investor.