SBI to buy stake in YES Bank – Reports

As per the report published by Bloomberg, SBI can buy a stake in YES BANK. Government can approve SBI’s plan for the Rescue Plan for YES BANK. According to the report, the government may ask SBI to form a consortium to purchase a stake in YES BANK.

SBI is also empowered to elect other members of this consortium. However, when asked, the SBI Chairman, sources confirmed that this news is completely based on speculations.

Big Breaking: After this news Yes Bank shares saw a jump of 17.24 percent. On the other hand, SBI shares fell by as much as 5.36 per cent. Currently, SBI’s stock appears to be recovering from the initial setback and the decline has come down to a mere 2.4 per cent.

In January this year, SBI Bank Chairman Brahma Dutt had said that a solution could be found for Yes Bank’s problems. Yes Bank has not found any investor yet. According to a recent report, Yes Bank is in talks with mutual fund houses to raise Rs 30 crore-50 crore.

Yes Bank had earlier said it would be late to release the third quarter results as the bank has received non-binding expressions from 4 investors. Yes Bank plans to raise $ 2 billion to increase its capital base.

The bank added Anshu Jain, former Global Co-CEO of Deutsche Bank and President of Cantor Fitzgerald, to raise funds. Along with these, IDFC Securities and Ambit Capital were also helping the bank in raising funds.

The bank recently received non-binding interest from JC Flowers, Tilden park Capital, OHA UK and Silver Point Capital. However, there are regulatory problems in front of them.

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