
SBI divests 13.19% stake in Yes Bank to SMBC for Rs 8889 crores
The decision taken involves divesting 413,44,04,897 equity shares of Yes Bank at a price of Rs 21.50 per share, to Japanese multinational financial services company, Sumitomo Mitsui Banking Corporation (SMBC).
SMBC will buy the shares at a price of Rs 21.50 per share, the total consideration amount comes to nearly Rs.8888.97 crores.
This decision was approved by the Executive Committee of the Central Board (ECCB) of SBI in a meeting held on Friday, May 9, 2025.
The deal needs to be closed within 12 months from the date of the agreement which is May 9, 2025, or such other date as mutually agreed by SBI and SMBC.
SMBC had earlier sought approval of the Reserve Bank of India (RBI) to acquire 51 per cent stake in Yes Bank.
As of March 2025, SBI held a 23.97 per cent stake in Yes Bank. With this partial exit, SBI will nearly halve its holdings in Yes Bank while realizing substantial gains on its investments, nearly doubling its investment value on the shares sold.
In 2020, SBI invested Rs 6,050 crore to acquire a 49 per cent stake in Yes Bank as part of a rescue plan for the troubled lender. However, after private equity firms Carlyle and Advent invested in the bank last year, SBI's stake was reduced to 26.14 per cent.
It may be recalled that the Central Government has roped in the SBI to recapitalise Yes Bank, which was in the verge of collapse owing to mismanagement by its erstwhile promoter. Several other commercial banks and LIC hold little more than 11 per cent stake in Yes Bank.
Despite Indian stock market closed at over a per cent down, on this news Yes Bank share closed 9.82 per cent up on Friday at NSE closed at Rs 20.02 per share and 9.77 per cent up at BSE closed Rs 20 a share. (ANI)

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Indian Express
4 minutes ago
- Indian Express
All set for second innings: From havildar to naib subedar, over 1,100 ex-servicemen participate in job fair in Ahmedabad
After serving for 17 years in the aviation corps of the Indian Army as a havildar, Vipul Kumar, now 40, retired in 2020. For the last few years, he has been looking for jobs but found nothing suitable. On Friday, he donned his grey shirt and dark brown pants for another shot at job-seeking. A native of Surendranagar with a B A English degree, Kumar was among the nearly 1,100 aspirants who participated in the job fair organised by the Directorate General of Resettlement (DGR), under the Department of Ex-Servicemen Welfare (DESW), Ministry of Defence, at the Ahmedabad Military Station Friday. 'What stood out for me is that every ex-serviceman has a unique background, and the companies that came seemed to reflect that diversity. I have applied in five firms. While nothing has been finalised yet, a few have given positive indications after initial resume- screening and interviews. For many ex-servicemen (ESMs) like me, this fair has been like a bridge, connecting us directly with employers and giving us a genuine shot at a second career,' he told The Indian Express. According to a statement from the Gujarat Defence Public Relations Officer (PRO), ESMs from the Army, Navy and Air Force registered for the fair that saw the participation of 50 corporate employers offering more than 1,000 jobs. Initiated in 2014 by the DGR, the event was being held after a gap of six years. Devjibhai Vanvi, 46, from Gir Somnath has been working as a site manager with a Japanese firm for the past five years. 'I came to the job fair looking for better opportunities. I submitted my resume to four or five companies, including firms from the pharmaceutical sector and GIFT City. The response was encouraging; many of them assured they would get in touch with me for the next round,' said Vanvi who retired as a naib subedar in 2019, having served the Army for 22 years. The event was inaugurated by Commodore Vikrant Kishore, Principal Director, DGR, who emphasised the government's commitment to resettling ex-servicemen, most of whom are retired between the ages of 35 and 40 to maintain a youthful profile in the armed forces. 'They still carry family responsibilities and need a second career. It's our collective duty to support their rehabilitation through appropriate training and employment opportunities,' he said. Kishore noted that DESW works through three key units — DGR, Ex-Servicemen Contributory Health Scheme (ECHS), and Kendriya Sainik Board (KSB) to run welfare schemes for ESMs, war widows and battle casualties. These include job reservations and self-employment opportunities. However, given the limited scope of government jobs, he urged the private sector to come forward and provide the ESMs with opportunities. He assured the corporate sector of the capability of ESMs, highlighting their experience in operating fighter jets, tanks, submarines, and complex machinery. 'They can be seamlessly integrated into roles involving public safety and beyond,' he said, adding that DGR has planned 18 job fairs for 2025-26. He also highlighted the new online registration platform, allowing ESMs and companies to connect directly. Referring to the Central government's Atmanirbhar Bharat and Make in India initiatives, he said these require skilled and dependable manpower. 'And who better than our ESMs?', Kishore asked, urging the companies to inform DGR about the skills of the contemporary market so that targeted training programmes can be designed for the job-seekers. Suresh Solanki, 42, who retired from the post of sipahi in 2020, after 17 years of service, said he has shared his resume with five to six companies. 'They have assured me that they will get back,' said the Ahmedabad resident. Though he expressed happiness with the job fair, Solanki said most companies didn't share details about the salary on offer. 'So, I will have to wait and see how it actually pans out.' Vimal Ambani, former Chairman of CII Gujarat and MD of Tower Overseas Ltd, said the skills of ESMs align perfectly with the needs of the Indian industry. 'In a state where industrial accidents are on the rise, the discipline and rigour that ESMs bring to the table can be a game-changer,' he said. For 49-year-old Ajay Patel, who retired as Havildar in 2017 after 19 years of service, the job fair gave a glimpse of what the corporate world expects. 'Five companies responded positively, but I shortlisted only three based on location preferences. I already have an interview lined up with one of them next Saturday,' said the Amreli resident. Chief guest, Maj Gen Gaurav Bagga, GOC 11 RAPID, said, 'When you hire an ESM, you're not just getting a worker. You're getting a trained manager, someone who has risen through the ranks, learned leadership through experience, and led men in combat.' Other notable attendees included Himanshu Patel (Senior VP, Vadodara Chamber of Commerce & Industry), Apurva Shah (Senior VP, GCCI), Pathik Patwari (Director, Nexus Group and past GCCI president), and Col Vijay Pandey (Head of Security, Adani Power & AESL). For Pandy Pankil Kumar, a 42-year-old retired havildar, the job fair was a chance to get back into employment after a yearlong break. 'After retiring, I took a year off to give myself some breathing space and reflect. Today, I felt that decision paid off. The only concern is that some of the jobs being offered at far-off locations come with salaries that don't quite justify the move. Companies should consider offering better compensation for roles that require relocation. That said, the job fair was a great platform, especially for those of us who don't have a strong network or corporate background. It helped us connect with the right people,' he said. Vishal, a representative of ZURU Tech, one of the recruiting companies, said, 'We are interested in the Defence sector and believe in the Army's potential. It is a proud moment for us to be here.' (Jay Jani is an intern at The Indian Express, Ahmedabad)


Time of India
14 minutes ago
- Time of India
IRDAI warns brokers on deal rush
Mumbai: The Insurance Regulatory and Development Authority of India ( IRDAI ) has raised concerns over a surge in merger, acquisition, and demerger activities in the insurance distribution space, cautioning brokers against adopting sharp practices to solely inflate their valuations. "We have been witnessing record activity among brokers and other distribution intermediaries," said Satyajit Tripathy , member (distribution), IRDAI, at an Insurance Brokers Association of India event. "While this is fine by all means, I must add a word of caution that with increased growth being seen, we need not be adopting what we call as sharp practices to increase valuation, get listed, and to do business in a way, which may in the long run prove detrimental to the whole ecosystem." Explore courses from Top Institutes in Please select course: Select a Course Category PGDM CXO Project Management Leadership Healthcare Digital Marketing Others Technology Product Management Artificial Intelligence Operations Management Public Policy Cybersecurity Design Thinking Finance healthcare Management Data Science Degree Data Analytics others MCA Data Science MBA Skills you'll gain: Financial Analysis & Decision Making Quantitative & Analytical Skills Organizational Management & Leadership Innovation & Entrepreneurship Duration: 24 Months IMI Delhi Post Graduate Diploma in Management (Online) Starts on Sep 1, 2024 Get Details The inflow of private equity capital into insurance broking has risen about 20x between 2011-17 and 2018-24 to reach $4.8 billion. Indian insurance broking has 735 licensed brokers of which the top 36 drive over 85% of revenue, implying a long tail of brokers that have not scaled, according to a report by IBAI and McKinsey . by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: One simple trick to get internet without a subscription Techno Mag Learn More Undo Tripathy acknowledged the significant value addition brought in by brokers to the industry in the last 4-5 years, particularly post-Covid. At the event, the government urged over 700 insurance brokers to deepen insurance reach across the country and called on brokers to ensure access to affordable and appropriate insurance solutions for every Indian whether self-employed, salaried, agricultural, or industrial. Live Events "There is a vast untapped potential in Type 2 and Type 3 cities, agricultural and rural zones, in unorganised sectors, and among small businesses," said M Nagaraju, secretary, Department of Financial Services. "We believe insurance brokers can possibly increase awareness about the importance and availability of insurance in remote and low-income populations."


Time of India
18 minutes ago
- Time of India
Lured in earning high returns in stock market, 4 lose 1.25cr
Pune: Cybercrooks cheated four people in city out of Rs 1.24 crore in separate online share trading frauds between Oct last year and June. Separate cases have been registered with the Bavdhan, Koregaon Park, and Kondhwa police on Thursday. Inspector Bhaksar Kadam of the Bavdhan police said a woman (35) from Bhugaon, an employee of a prominent software company in Yerawada, lost Rs 52.4 lakh to cybercrooks in Oct last year. She filed an online complaint. After preliminary investigations, a case was registered on Thursday. "The complainant told us that a woman contacted her and claimed that she was from a prominent brokerage firm. She assured the victim of good profit on her investments in the stock market through their firm," Kadam said. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune The officer said the victim downloaded the firm's app and started investing money. She transferred amounts and could see in the app that she was earning a good profit. After transferring Rs 47.38 lakh to different bank accounts, the complainant tried to withdraw her money. She was then told to pay Rs 5 lakh in tax. The victim transferred that amount as well. "The victim became suspicious when the brokerage firm stopped responding to her calls. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Many Are Watching Tariffs - Few Are Watching What Nvidia Just Launched Seeking Alpha Read More Undo She realised she was duped and approached the police," Kadam said. Similarly, a medical practitioner (28) from Koregaon Park lost Rs 28.2 lakh between May and June this year. She stated in her complaint that she came into contact with the cybercrooks through her father, who was already in a group of investors on his mobile messenger app. She was added to another group of investors, where she was given information about the stock market. She was then told to download an app to make investments. "Initially, the complainant transferred Rs 50,000 and earned a profit of Rs 4,500 on her investment. Between May and June, she transferred Rs 28.20 lakh to different bank account numbers," an officer from the Koregaon Park police said. The officer said when the woman tried to withdraw her money, she was told to pay Rs 12 lakh, claiming that she had been given additional IPOs of that amount. When the woman refused to pay the money, the crooks stopped responding to her calls and duped her, the officer said. Using same modus operandi, cybercrooks duped a private company official (46) from Katraj and a pharmaceutical firm manager (33) of Rs36 lakh and Rs7.76 lakh, respectively, between March and June. Two separate cases were registered with the Kondhwa police on Thursday. The 46-year-old victim was promised a 10% profit on his investments in the stock market and crooks took money from him to different bank accounts under the pretext of purchasing IPOs and payment of tax, an officer from the Kondhwa police said.