दुबई खरीदेगा येस बैंक | YES BANK SHARE | येस बैंक का शेयर बना रॉकेट

दुबई खरीदेगा येस बैंक | YES BANK SHARE | येस बैंक का शेयर बना रॉकेट

Race for Yes Bank: Bids likely by month-end, Emirates NBD may also join the fray
NBD (National Bank of Dubai) merged with Emirates Bank International (EBI) on March 6, 2007 to form Emirates NBD

Dubai’s largest lender, Emirates NBD, has expressed preliminary interest and is evaluating the submission of a bid to acquire a majority stake in Yes Bank, two people familiar with the development said.

On April 12, Moneycontrol reported that Japan’s Mitsubishi UFJ Financial Group (MUFJ) and Sumitomo Mitsui Banking Corp. (SMBC) were also considering a bid for India’s sixth largest private sector lender in terms of assets.

“Yes, Emirates NBD is exploring this opportunity,” one of the people cited above said.

According to a second person familiar with the proposed transaction, initial bid submissions for Yes Bank are expected by the end of the month.

Both spoke to Moneycontrol on the condition of anonymity.

Multiple email queries from Moneycontrol to Yes Bank and SBI remained unanswered at the time of publishing this article. This article will be updated as soon as we hear from them.

An official spokesperson of Emirates NBD said, “As a matter of company policy, Emirates NBD declines to comment.”

The development comes amid the State Bank of India-led consortium, which bailed out Yes Bank in 2020, exploring plans to sell its stake, with a three-year lock-in period for investors ending in March 2023. Investment bank Citi has been mandated to find a new promoter.

At the end of trading on April 19, Yes Bank had a market value of around Rs 68,900 crore. At those levels, a majority stake of at least 51 percent would be worth Rs 35,139 crore.

According to exchange data, in the public category, SBI, the largest shareholder, holds a 26.13 percent, with LIC, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank and IDFC First Bank holding a combined minority stake of 13.84 per cent.

Additionally, top private equity firms Carlyle and Advent International entered the lender in July 2022, which raised Rs 8,900 crore from both investors via a combination of equity shares and warrants to acquire up to a 10 per cent stake each.

The total holding of all the lenders, LIC and the two PE firms in Yes Bank( pre-warrant conversion) is 52.83 per cent.

On January 9, 2023, Moneycontrol reported that Emirates NBD had submitted an expression of interest for state-run IDBI Bank as well, which has been put on the block as part of the government’s disinvestment programme.

Yes Bank: The Gulf Angle

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