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Japan's Mitsubishi UFG Financial Group (MUFG) and Sumitomo Mitsui Banking Corp. (SMBC) is in the race to acquire majority stake in Yes Bank and according to sources close to the development, another Middle East company is also interested in buying Yes Bank. Notably, the SBI-led consortium that had acquired Yes Bank in 2020 when it was in financial crisis is now planning to sell majority stake in the bank, while these two major Japanese groups are interested in acquiring Yes Bank. Are. However, there has been no official confirmation as to how much stake the consortium wants to sell.
Friday's Rs. At the closing price of Rs 24.20, Yes Bank's 51 per cent stake was valued at Rs. 35,578 crores. According to sources, both MUFG and SMBC are very keen to establish presence in the Indian market and both the companies have now shown keen interest in buying majority stake in Yes Bank. However, talks for this are still in the initial stage. Sources further said that MUFG is more excited to buy Yes Bank and the company has previously bought stakes in several start-ups in India. It is noteworthy that MUFG, considered the largest lender in Japan, has also shown interest in buying stake in HDB Financial Services, a subsidiary of HDFC Bank.
The lock-in period of the consortium to acquire crisis-hit Yes Bank has ended in March, 2023.
When Yes Bank collapsed in 2020, an SBI-led consortium bought its majority stake after government intervention. As per the plan decided by RBI, SBI bought 26.13 per cent stake in the bank, while other investors LIC, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank and IDFC First Bank jointly hold 13.84 per cent stake in the bank. . When these investors acquired the bank, they paid Rs. The lock-in period for 10 more investments was kept at three years, which ended in March 2023. The consortium selling majority stake in Yes Bank has also reportedly appointed Citigroup as an advisor. Apart from this, Yes Bank is also expected to raise Rs. 500 crore through equity and warrants from two private equity firms Carleigh and Advent International in July, 2022. Rs 8,900 crore was raised. According to this deal, both the PE firms can acquire 10 percent stake in the company.
Vodafone Idea FPO
Rupee. GQG, SBI MF looking to invest Rs 6,500 crore
Investment firm GQG Partners and State Bank of India mutual fund have bought Vodafone Idea's Rs. FPO under Rs 18,000 crore. An investment of Rs 6,500 crore is being considered, this information was given by sources related to the development. US-based GQG Partners is managed by India-born Rajiv Jain. Both investments will be made under the quota of institutional investors.