Overview

• 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.