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Last Updated : Mar 09, 2020 10:26 AM IST | Source: Moneycontrol.com

Yes Bank share price jumps 30% as SBI is likely to pick up 49% stake

SBI chairman said the bank would submit their resolution plan for Yes Bank soon.

 
 
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Yes Bank share price rose 30 percent in early trade on March 9 as State Bank of India (SBI) is likely to pick up 49 percent stake in former.

SBI is allowed to buy up to 49 percent stake in Yes Bank and appoint two nominee directors along with an initial investment of up to Rs 2,450 crore.

The investment can be increased to Rs 10,000 crore in the next three years during which it will have to a maintain 26 percent stake in Yes Bank.

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Also Read- SBI may rescue Yes Bank, but the stock is now a trader's play: Experts

SBI chairman said the bank would submit their resolution plan for Yes Bank soon. It will also start looking for both domestic and foreign investors to further sell stake of Yes Bank.

According to news agency ANI, ED officials arrested Rana Kapoor on March 8 after more than 29 hours of questioning.

Kapoor was held under the provisions of the Prevention of Money Laundering Act (PMLA), according to ED officials.

The arrest became imperative after financial irregularities and mismanagement of Yes Bank surfaced, they said.

Just hours after the ED took Rana Kapoor in custody, his daughter Roshini Kapoor was allegedly stopped by officials at the Mumbai Airport on March 8.

Also Read - Yes Bank co-founder Rana Kapoor's daughter held at Mumbai airport

According to news agency ANI, Roshini was about to leave for London in a British Airways Flight.

At 09:18 hrs Yes Bank was quoting at Rs 19.00, up Rs 2.80, or 17.28 percent on the BSE.

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First Published on Mar 9, 2020 10:20 am
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