Yes Bank Stake Sale News: Yes Bank is believed to be working on a plan to aid its current shareholders, especially the State Bank of India (SBI), to exit their investments, according to a report published in Economic Time which cited MD and CEO Prashant Kumar.
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Kumar confirmed to ET that the lender is holding talks with potential investors for the purpose.
“Banks led by State Bank of India had come in to support the reconstruction scheme. As per regulations, banks cannot remain invested in other banks,” he told ET in an exclusive interaction.
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“At some point, we need to provide exit to our shareholders, especially SBI. It is very difficult to give you a definitive timeline but it is something that everyone will try to do at the earliest,” Kumar added.
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At present, state-run State Bank of India and other banks jointly own more than 30 per cent stake in Yes Bank. Back in March 2020, SBI, HDFC (now merged with HDFC Bank), ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, Bandhan Bank and IDFC First Bank had cumulatively invested in Yes Bank to save it from bankruptcy.
