Shares of YES Bank rallied over 25 per cent in Thursday's trade as the LIC and SBI may take over 49 per cent stake in YES Bank.
According to sources, the plan is to acquire 49 per cent stake in YES Bank through preferential shares at Rs 2 per share for a total consideration of Rs 490 crore. On Thursday, YES Bank gained 25.60 percent to Rs.36.80.
According to a Bloomberg report, the Government has approved a proposal for SBI to lead a consortium that will acquire a stake in Yes Bank. But still, the Finance Ministry, SBI or Yes Bank are yet to confirm the development.
In January this year, SBI Chairman Rajnish Kumar had stressed that Yes Bank would not be allowed to fail and he was optimistic that some solution would be found for the lender.