Shares of Yes Bank on Monday morning jumped over 8 per cent after State Bank of India and seven other lenders announced selling 20 per cent of their combined stakes in the firm to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for a consideration of Rs 13,483 crore.
The stock climbed 8.7 per cent to Rs 21.74 on the BSE.
At the NSE, shares of the firm surged 8.39 per cent to Rs 21.70.
The company’s market valuation went up by Rs 1,415.15 crore to Rs 64,123.38 crore.
State Bank of India (SBI) and seven other lenders on Friday announced selling 20 per cent of their combined stakes in Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation for a consideration of Rs 13,483 crore, making it the largest cross-border investment in the Indian banking sector.
Following completion of the transaction, SMBC will become the single largest shareholder of the Mumbai-based Yes Bank.