Yes Bank shares rally 3% driven by reports of $1.1 billion additional investment from SMFG
gained 3.3% on Tuesday to reach the day's high of Rs 20.65 on the BSE, following reports of a potential major investment from Sumitomo Mitsui Financial Group Inc. (
SMFG
).
The increase in the stock price comes as SMFG is reportedly looking to inject an additional $1.1 billion into the Indian lender, a move that could strengthen Yes Bank's position in the market.
The deal involves SMFG acquiring approximately 5% of Yes Bank's shares from Carlyle Group Inc. and other minority stakeholders. Additionally, the Japanese financial group is considering purchasing $680 million worth of convertible bonds from Yes Bank to further bolster the lender's growth prospects.
This fresh round of investment would increase SMFG's total stake in Yes Bank to approximately 25%, building on its previous $1.6 billion acquisition of a 20% stake in May.
According to the Bloomberg report, discussions are still ongoing, and no final decisions have been made as of yet.
These developments follow a series of investments by SMFG and other Japanese financial entities in Indian companies, including a $700 million acquisition last year in Fullerton India Credit Co., which further highlights Japan's growing interest in India's financial sector.
Yes Bank share price history
Over the past 1 year, the price has declined by 23.39%. Year-to-date (YTD), it has gained 2.95%. In the last 6 months, the price rose by 12.40%, while the 3-month gain stood at 15.35%. Over the past 1 month, the change was a modest 0.25%.
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Tejas Networks shares slump 10% to 52-week low as co swings to Rs 194 cr loss in Q1 from year-ago profit
Yes Bank share price target
According to Trendlyne, 12 analysts cover Yes Bank, with a 1-year target price of Rs 17 for the stock. Among these analysts, 8 have a "strong sell" recommendation, 2 suggest a "sell," and 2 advise a "hold."
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