SBI To Offload 13% In Yes Bank For Rs 8,889 cr

New Delhi: State Bank of India (SBI) on Friday said its board has given approval for a 13.19 per cent stake sale in private lender Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for a consideration of Rs8,889 crore.

The executive committee of the central board (ECCB) of the bank in the meeting has accorded approval to divest 413.44 crore shares or equivalent to 13.19 per cent stake in Yes Bank for a consideration of Rs8,888.97 crore, SBI said in a regulatory filing.