State Bank of India denies media reports of YES bank shares sale

On February 8, the State Bank of India refuted claims regarding a potential stake sale in Yes Bank. SBI communicated this clarification to the exchanges by dismissing the reports as factually incorrect.

Media outlets previously speculated that SBI might divest its entire stake in Yes Bank through a block deal, estimating the value between ₹5,000 crore to ₹7,000 crore. These reports suggested that the sale would not incur taxes.

However, Yes Bank also denied any engagement in negotiations regarding SBI's stake sale through a block deal. In a separate filing to the exchanges, Yes Bank stated, "The bank would like to clarify that the news appears to be speculative. The bank is not involved in any negotiations concerning the subject of the news. Hence, the bank is unable to comment on the said article and its impact."

"Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with reference to the news item dated 08.02.2024 captioned ‘SBI likely to sell shares in Yes Bank via block deal’, we submit that the news item dated 08.02.2024 is factually incorrect," SBI said in an exchange filing.

The clarification from both SBI and Yes Bank aimed to dispel the rumours circulating in the media regarding the potential stake sale. Despite the speculation, both entities emphasized that there were no ongoing discussions regarding such a transaction.

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