Yes Bank witnessed a gain of up to 13 percent in early trade on the NSE on February 6, following HDFC Bank’s receipt of Reserve Bank approval to acquire stakes in it and five other lenders. By 11:54 am, Yes Bank stock was trading at Rs 25.40, marking a 11.40 percent increase from the previous close.
HDFC Bank announced in a regulatory filing that the Reserve Bank of India has permitted the group to acquire up to 9.5 percent stakes in IndusInd Bank, Yes Bank, Axis Bank, ICICI Bank, Suryoday Small Finance Bank, and Bandhan Bank. The approval, valid for one year, extends to investments by HDFC Asset Management Company (AMC), HDFC Ergo, and HDFC Life Insurance, as detailed in the filing.
The approval comes with a one-year validity and will be revoked if HDFC Bank Group fails to acquire the stakes within the specified timeframe. Stay tuned to our market blog for live updates.
