Mumbai, May 12 -- SMBC signed a definitive agreement on May 9, 2025, to purchase the stake through a secondary deal: 13.19% from State Bank of India (SBI) and 6.81% collectively from a consortium of "Investor Banks"-Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank.

This transaction comes five years after SBI and the investor banks stepped in to rescue Yes Bank under a government-backed reconstruction plan in March 2020.

SBI's Executive Committee of the Central Board (ECCB) approved the sale of 413.44 crore shares at Rs 21.50 per share, fetching Rs 8,888.97 crore for the public sector lender. Once the transaction closes-expected within 12 months, subject to regulatory approvals-SMBC w...