S&R Associates advised SBI and seven private sector banks on proposed INR 134.83 billion stake sale in Yes Bank to Sumitomo Mitsui Banking Corporation
S&R Associates advised State Bank of India and seven listed private sector banks, namely HDFC Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank Limited, Axis Bank Limited, IDFC First Bank Limited, Federal Bank Limited and Bandhan Bank Limited, in the proposed INR 134.83 billion sale of an aggregate 20% share capital of Yes Bank Limited., a listed private sector bank, to Sumitomo Mitsui Banking Corporation, a part of Sumitomo Mitsui Financial Group, Inc.
The transactions are subject to customary closing conditions, including regulatory approvals from the Reserve Bank of India and the Competition Commission of India. The transaction will be the largest cross-border investment in the Indian banking sector.
The S&R Associate team was led by Rajat Sethi (Partner) and Dhruv Nath (Partner), and included V. Sreedharan (Associate) on corporate matters.
Advice on competition law matters was given by Simran Dhir (Head of competition practice) and Akshat Kulshrestha (Partner).
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