BUSINESS

SBI to Invest up to Rs 1,760 Crore in Yes Bank’s FPO

The Board of State Bank of India on Wednesday had approved for an investment of Rs 1,760 crore in the upcoming Follow-on Public Offering (FPO) of Yes Bank.

SBl is an Indian Multinational Bank, with offerings in wide range of financial services in public sectors with 22,141 Branches across India and deals in the specialised services in retail banking, corporate banking, investment banking, mortgage loans, private banking, wealth management, credit cards, finance and insurance.

66.94 per cent stake of Yes Bank is held by Banks and Financial Institution till 31st, March. In which, SBI is the largest holder in Yes Bank Ltd. with 48.21per cent and ICICI Bank with 7.95 per cent, followed by Axis Bank with 4.78 per cent.Recently, ICICI Bank Ltd. had an investment of Rs 1,000 crore in Yes Bank Ltd in March which increases 5 per cent shareholding of ICICI in Yes Bank Ltd.Yes Bank has decided to raise up to Rs 15,000 crore this year as reported on 1 July.
The Board meeting of Yes Bank held on July 7, had approved raising of capital by FPO and, a meeting for approval of price band and discount is going to held on or after July 10. Prashant Kumar, Chief Executive Offier of Yes Bank has said that if the bank raises Rs 15,000 crore there is no need for raising funds in the market for coming three years.

Read EquityPandit’s Nifty Outlook for the Week

Yes Bank’s shares closes at Rs 26.1 on Wednesday, up 1.36 per cent from its previous close.

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