📷 Image Credits: Moneycontrol
Yes Bank’s shares saw a two percent increase in the morning trade session on July 9 after the lender debunked false news reports suggesting a 51 percent stake sale. The Reserve Bank of India (RBI) has not approved any such sale, clarifying that the reports were ‘factually incorrect and purely speculative in nature.’ This statement came in response to claims that the RBI had sanctioned the sale of up to 51 percent stake in Yes Bank, potentially leading to new ownership of the private lender that had faced a crisis four years ago.
Contrary to the news reports, the RBI has not granted any in-principle approval for the supposed stake sale. Yes Bank, in a filing with the bourses, emphasized that the central bank has not given any such approval as mentioned in the article. This clarification was issued voluntarily by the company to dispel the misleading media reports. As a result of this clarification, Yes Bank’s shares were trading at Rs 26.07 on the NSE, reflecting a 1.5 percent rise from the previous close.
According to a source, certain bidders were keen on acquiring a controlling stake of 51 percent or more in Yes Bank. The RBI had verbally agreed to a 51 percent sale of control to an appropriate incoming promoter, but formal written approval is still pending. State Bank of India and other lenders, who collectively hold 33.74 percent of Yes Bank, stand to benefit from an exit route due to the alleged RBI clearance.
Furthermore, the recent events have stirred interest in the market dynamics surrounding Yes Bank’s ownership structure. SBI, along with other banks and financial institutions, hold varying stakes in Yes Bank, with recent changes indicating a shift in ownership percentages. The clarification from Yes Bank has shed light on the inaccuracies in the media reports, emphasizing the need for accurate and verified information in the financial sector.
