Yes Bank issued a statement on Tuesday denying media reports that suggested it was in discussions for a stake sale with Japan’s Sumitomo Mitsui Banking Corporation (SMBC). The bank labeled the reports as "speculative" and "not factually correct." It clarified that while the bank frequently explores potential business opportunities to enhance shareholder value, no material discussions are ongoing at this point that would require a disclosure under current regulatory requirements.
In a filing to the stock exchange, Yes Bank emphasized that the information cited in the reports was speculative and not grounded in facts. The bank further stated that it was unaware of any information that had not already been disclosed to the exchanges, which would necessitate a disclosure under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The clarification came after Yes Bank’s stock surged more than 9% during early trading, reaching a high of Rs 19.44. However, the bank later gave up most of those gains, with the stock trading 1.35% higher at Rs 17.97 by the end of the session.
Yes Bank reassured that it would continue to adhere to disclosure norms, ensuring that any material developments are promptly shared with the stock exchanges in accordance with regulatory requirements.
Currently, the largest shareholder in Yes Bank is the State Bank of India (SBI) with a 24% stake. Other major shareholders include Indian financial institutions like Kotak Mahindra Bank, Axis Bank, ICICI Bank, and LIC, which together hold 11.34%. Private equity firms Advent International and Carlyle Group own 9.2% and 6.84%, respectively.
