State Bank may lead consortium to buy a stake in Yes Bank

NEW DELHI: The government has asked State Bank of India (SBI) to form a consortium of banks that will pick a stake in YES Bank, sources told ET NOW.Following the development, shares of YES Bank jumped 9.56 per cent to hit a high of Rs 32.10 on BSE. Shares of state-run SBI fell 3.01 per cent to Rs 276.70.Earlier in January, the chairman of the bank had expressed his strong belief that “some solutions will emerge” to bail out the private lender. YES Bank has so far failed to bring a strategic investor. Reports recently suggested that the private bank had approached mutual funds for raising fresh equity capital worth $300-$500 million.The private lender had earlier said it has delayed its third-quarter earnings as the bank is reviewing non-binding expressions of interest from four investors.More to come...

from Economic Times https://ift.tt/32RzAq6