‘Factually incorrect’: SBI denies reports on Yes Bank stake sale via block deal
The State Bank of India (SBI) on Thursday, February 8 issued a clarification, denying reports of a stake sale in private lender Yes Bank. In a regulatory filing to the stock exchanges, the country’s largest lender said that the media reports are factually incorrect.
‘’Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with reference to the news item appeared in the ‘Website-www.moneycontrol.com’ dated 08.02.2024 captioned ‘SBI likely to sell shares in Yes Bank via block deal’, we submit that the news item published in ‘www.moneycontrol.com’ dated 08.02.2024 is factually incorrect,” said SBI in its exchange filing.
Media reports stated earlier that SBI is likely to sell its entire stake in Yes Bank, with a block deal being the preferred mode of sale. The state-owned lender may look to sell Yes Bank shares worth ₹5,000- ₹7,000 crore via the block deal, with no taxes applicable on the sale, according to the reports.
Yes Bank also clarified its stance on the same. ‘’In this regard, the bank would like to clarify that the news appears to be speculative in nature. The bank is not involved in any negotiations with respect to the subject of the news. Hence, the bank is unable to comment on the said article and its impact.”
‘’Further, we would like to clarify that presently, there are no material events which are required to be disclosed under Regulation 30 of the Listing Regulations. We shall keep the Stock Exchanges informed of any material events as required under Regulation 30 of Listing Regulations,” added Yes Bank.
On Wednesday, shares of SBI were locked at over three per upper circuit to hit its fresh 52-week high of ₹718.80 apiece on the BSE and emerged as one of the top gainers on the Nifty 50 index. Shares of SBI opened at ₹680.10 and gained around six per cent to hit its record-high mark. Shares settled 3.54 per cent higher at ₹399.60 apiece on the BSE.
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