Private Equity

Liquidity Events

SMBC to buy addnl 4.2% stake in Yes Bank from Carlyle for Rs.2,850-Cr

Economic Times  

Japanese lender Sumitomo Mitsui Banking Corporation (SMBC) will acquire an additional 4.2% stake in Mumbai-headquartered Yes Bank from CA Basque Investments, a Carlyle Group affiliate, for INR 2,850 crore.Post deal, SMBC’s holding in Yes Bank will rise to 24.2%. SMBC has received the RBI’s approval to raise its stake in Yes Bank up to 24.99%. Two SMBC-nominated non-executive directors will join Yes Bank’s board.SMBC has also completed the purchase of a 13.18% stake from State Bank of India (SBI) for INR 9,000 crore.SBI will continue to hold a 10% stake in Yes Bank following the divestment. SBI and seven other private banks - HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IDFC First Bank, Federal Bank and Bandhan Bank - had signed a pact with SMBC to jointly sell a 20% stake at INR 21.50 a share.