Yes Bank said the RBI has cleared amendments to its Articles to allow two SMBC nominees and one SBI nominee to join the board once the share purchase agreements close. SMBC holds 20% after a May secondary purchase, and both RBI and CCI approvals permit a potential increase to as much as 24.99% subject to conditions. Yes Bank shares rose over 1% after the filing that detailed the board nomination changes tied to SMBC’s investment. A term sheet shows SMBC preparing to sell a 1.65% stake in Kotak Mahindra Bank for about Rs 6,166 crore at a floor price of Rs 1,880, with media reports indicating proceeds could fund further Yes Bank exposure. Broker Emkay Global kept a Sell rating with a Rs 17 target, noting SMBC’s board role could shape leadership and asset strategy while core profitability remains weak.
