New Delhi, May 9 -- India's largest lender State Bank of India (SBI), and seven other top lenders like HDFC Bank, Kotak Mahindra Bank, ICICI Bank, and Axis Bank, among others, are cumulatively offloading a 20% stake in YES Bank in favour of Japan's Sumitomo Mitsui Banking Corporation (SMBC), the private lender informed exchanges on Friday, May 9.

SBI, announced that it will sell a 13.19% stake held in YES Bank to SMBC for a consideration of Rs.8,889 crore.

SBI will offload 4,13,44,04,897 equity shares, amounting to a 13.19% stake, of YES Bank to Sumitomo Mitsui Banking Corporation at Rs.21.50 per equity share. The total stake sale value would amount to Rs.8,888.97 crore.

"Pursuant to Regulation 30 and other applicable provisions of SEB...