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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  State Bank of India    SBIN   INE062A01020

STATE BANK OF INDIA

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Yes Bank Gets New Investors in INR100 Billion Bailout Plan

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03/15/2020 | 08:32pm EDT

By P.R. Venkat

State Bank of India and half a dozen Indian private-sector banks have agreed to invest 100 billion rupees ($1.35 billion) to support troubled lender Yes Bank Ltd.

State-run SBI, which is leading the bailout by taking a 49% stake in Yes Bank, will be joined by private-sector lenders including Axis Bank Ltd., Kotak Mahindra Bank Ltd., ICICI Bank Ltd. and Housing Development Finance Corp., according to a stock-exchange filing by Yes Bank administrator Prashant Kumar late Sunday.

Earlier this month, India's central bank seized control of Yes Bank and superseded the board of directors of the bank, citing "serious deterioration" in the lender's financial position.

The Reserve Bank of India had put a moratorium on the bank and appointed Mr. Kumar as the administrator.

In a separate filing late Sunday, the administrator said the moratorium will cease from March 18 and a new board will be reconstituted within seven days from the cessation of moratorium.

Mr. Kumar will be the chief executive of Yes Bank, according to the filing.

Yes Bank was started in late 2003 by Indian entrepreneur and investment banker Rana Kapoor, its surviving co-founder and former CEO. After getting a banking license in 2004 and going public in 2005, it quickly grew into one of India's leading private-sector banks, with more than 1,000 branches and ATMs across the country.

For the third quarter ended December, Yes Bank's net loss was INR185 billion and its gross nonperforming assets were at INR407.09 billion.

 

Write to P.R. Venkat at venkat.pr@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
AXIS BANK LIMITED 0.90% 390.85 End-of-day quote.-48.16%
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED 3.46% 1625.55 End-of-day quote.-32.65%
ICICI BANK LIMITED 2.51% 326.85 End-of-day quote.-39.35%
KOTAK MAHINDRA BANK LIMITED 0.95% 1228.35 End-of-day quote.-27.08%
STATE BANK OF INDIA -0.25% 158.2 End-of-day quote.-52.60%
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Financials
Sales 2020 1 431 B 18 899 M 18 899 M
Net income 2020 179 B 2 363 M 2 363 M
Net Debt 2020 - - -
P/E ratio 2020 7,85x
Yield 2020 1,53%
Capitalization 1 412 B 18 596 M 18 641 M
EV / Sales 2019
Capi. / Sales 2020 0,99x
Nbr of Employees 257 252
Free-Float 43,1%
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Managers
NameTitle
Rajnish Kumar Chairman
B. Ramesh Babu Chief Operating Officer & Deputy Managing Director
Venkat Nageswar Chalasani Chief Financial Officer & Deputy Managing Director
Shivkumar Bhasin Chief Technology Officer
Dhananjay Arvind Tambe Chief Information Officer & Deputy MD
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