Yes Bank shares gained as much as 13% on some reports in the market stating that Yes Bank is looking for a new Promoter to buy 51% of its stake.

According to sources, Yes Bank had reportedly initiated discussions with domestic and international financial institutions for a stake sale.

The bank is looking to sell up to 51% of its stake for a USD 8-9 billion valuation. The bank has enlisted Citigroup’s India unit to facilitate searching for a potential buyer.

However, in Yes Bank’s regulatory filing, the bank responded to the report by stating that it is speculative in nature and it is not appropriate to comment on market speculations.

The bank further added that – If a new promoter holds more than a 26% stake in the bank, they will need special approval from the Reserve Bank of India.

Yes Bank’s net profit for Q3FY24 rose to Rs 231.6 crore from Rs 51.5 crore a year ago. The bank’s gross non-performing assets for the same period remained at 2%, while net NPA improved to 0.9%.
YES BANK is a full-service commercial bank headquartered in Mumbai. It offers products, services, and digital solutions for Retail, MSME, and Corporate clients.

The Bank’s Brokerage business is through YES SECURITIES, its wholly-owned subsidiary.

It has a presence across India, including an International Banking Unit at GIFT City and a Representative Office in Abu Dhabi.

At 3:30 pm, the shares of Yes Bank closed 11.69% higher, at Rs 23.40 on NSE.