State Bank of India may look to lower its stake in Yes Bank after a lock-in period ends on March 6, which was put in place by the central bank as a part of the lender's restructuring, two sources told Reuters.
had stepped in to rescue Yes Bank in March 2020, after the Reserve Bank of India superseded the bank's board.
At the time, the reconstructuring scheme put in place by central bank required these lenders to hold on to at least 75% of the shares acquired for three years. A similar restriction was placed on other existing shareholders. ICICI Bank, Axis Bank, IDFC FIRST Bank held 2.61%, 1.57% and 1% stakes respectively, as of end-December. State-owned Life Insurance Corporation holds 4.34%, while HDFC holds 3.48%.
The board of SBI is likely to meet soon to decide on the future of its stake in Yes Bank, following which a proposal will be sent to the RBI, the second source said, also requesting anonymity.Yes Bank's shares fell as much as 7% from the day's high and 5.5% from Wednesday's close and were trading at 17.57 rupees. SBI had acquired Yes Bank's shares at 10 rupees apiece as a part of the reconstruction scheme.
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