SBI Okay With Lowering Its Stake in Yes Bank to 26%

State Bank of India (SBI) chairman Dinesh Kumar Khara revealed on August 6 that the state-owned lender was okay with lowering its stake in Yes Bank.

Highlights

  • State Bank of India (SBI) chairman Dinesh Kumar Khara revealed on August 6 that the state-owned lender was okay with lowering its stake in Yes Bank.
  • The board, however, was yet to decide on whether SBI would hold a 26 percent stake in Yes Bank in the upcoming financial year.
  • As on June end, SBI held a 30 percent stake in Yes Bank and ICICI Bank 3 percent.

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State Bank of India (SBI) chairman Dinesh Kumar Khara revealed on August 6 that the state-owned lender was okay with lowering its stake in Yes Bank to 26 percent by the end of the financial year 2022-23 from 30 percent as on June 30, as reported by Money Control.

The board, however, was yet to decide on whether SBI would hold a 26 percent stake in Yes Bank in the upcoming financial year, Khara said as the country’s biggest bank came out with its June quarter result.

“Till March 2023, we are required to hold 26 percent stake (in Yes Bank). If it all, our stake comes within 26 percent till March 2023, I am quite okay with that. Beyond that, we have not deliberated at the board level, so I am unable to comment anything relating to our further course of action,” Khara said in a post-earnings conference.

Money Control further reported, "As on June end, SBI held a 30 percent stake in Yes Bank and ICICI Bank 3 percent. Axis Bank, IDFC First Bank and Bandhan Bank held between 1 and 2 percent stake each in the private sector lender."

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