The Reserve Bank of India’s (RBI) approval of the sale of a 51 percent share, according to a report, is simply speculative and factually inaccurate, according to Yes Bank denies.
According to Yes Bank, the Reserve Bank of India’s (RBI) approval of the sale of a 51 percent interest is only speculative. Consequently, Yes Bank’s stock opened 1% higher today, July 9. “RBI has not given any in principle approval as stated in the article and this clarification is issued by the company voluntarily to dispel the baseless media article,” the bank noted in a regulatory filing.
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According to the report, the RBI has approved in principle the purchase of up to a 51% share in Yes Bank by a suitable new promoter. It further stated that this exceeds the 26% promoter-holding maximum permitted by banking regulations in the regular course of business.
The report also noted that the potential sale could value the country’s sixth-largest private bank by assets at approximately $10 billion which could make it the largest acquisition in India’s banking sector.
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The article further stated that the RBI is still determining whether the bidders are fit and competent, despite having recently granted Yes Bank and its major shareholders a preliminary clearance. It further stated that Citigroup has been appointed by the bank to a shortlist of qualified promoters.
Approximately one-third of Yes Bank is owned by State Bank of India (SBI), HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, and LIC.
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