Bandhan Bank Limited has informed the Exchange about Sale of holding in YES Bank Limited.
BANDHANBNK · price
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On the reaction day the stock moved 0.2 pts less than Nifty Smallcap 250 and 0.1 pts more than its Private Sector Bank peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Bandhan Bank has agreed to sell approximately 15.39 crore equity shares of YES Bank at Rs. 21.50 per share, for a total deal value of roughly Rs. 331 crore. This sale will reduce Bandhan Bank's shareholding in YES Bank from 0.70% to 0.21%. The transaction is subject to regulatory approvals and the terms of the Letter Agreement. This is a continuation of Bandhan Bank's earlier disclosure from March 2020 about its investment in YES Bank.
The sale is a minor portfolio trimming for Bandhan Bank and frees up about Rs. 331 crore in capital. It is unlikely to materially impact Bandhan Bank's stock price, but signals continued normalization of its investment exposure post the 2020 YES Bank reconstruction.