Finance Desk – Yes Bank‘s stock climb by 2% on July 9 morning after the bank denied reports claiming 51% stake in the bank might be sold.
These reports had suggested that the Reserve Bank of India (RBI) had approved such a sale, which would mark a significant change in the ownership of Yes Bank.
The rumors, which appeared in various news outlets had indicated that this potential sale could value Yes Bank, India’s sixth-largest private bank by assets, around $10 billion. This would make it the largest deal in India’s banking sector.
However, Yes Bank quickly responded to these claims with an official statement, clarifying that the RBI has not approved any such transaction. The bank described the reports as “factually incorrect and purely speculative.”
At 9.45 am, Yes Bank shares were trading at Rs 26.07 on the National Stock Exchange (NSE), showing an increase of about 1.5%.
The news report also mentioned that some bidders might only be interested in acquiring Yes Bank if they could obtain a controlling stake of at least 51%. It was reported that the RBI had verbally agreed to this proposal.
The State Bank of India (SBI) and other lenders, who collectively own 33.74% of Yes Bank, were mentioned as having a possible exit route due to the rumored RBI approval.
