State Bank of India board approves $977 million for Yes Bank stake buy

BENGALURU (Reuters) – State Bank of India said on Thursday its board has approved the purchase of 7.25 billion shares worth 72.50 billion rupees ($977.09 million) in Yes Bank as part of an initial phase of a rescue deal for the troubled lender.

SBI, the country’s largest lender, said https://www.bseindia.com/xml-data/corpfiling/AttachLive/e288a32c-f277-4a28-863d-6850be058c83.pdf its stake in Yes Bank will remain within 49%.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Sherry Jacob-Phillips)