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SBI gets approval to buy 49% stake in crisis-hit Yes Bank

12/03/2020 at 5:20 PM

New Delhi, March 12: State Bank of India on Thursday said it has received approval to buy Rs 7,250 crore worth of shares in Yes Bank.

As per reports, the executive committee of central board (ECCB) at its meeting held yesterday accorded approval for purchase of 725 crore shares in the crisis-hit bank at a price of Rs 10 per share subject to all regulatory approvals. SBI’s shareholding in Yes Bank will remain within 49 per cent of the paid up capital of the private sector lender.

Reserve Bank of India (RBI) had announced a draft scheme of reconstruction for cash-starved Yes Bank, last week.

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