March 12, 2020 / 10:42 AM / in a month

SBI board approves $977 mln for Yes Bank stake buy

BENGALURU, March 12 (Reuters) - State Bank of India said on Thursday its board has approved the purchase of 7.25 billion shares worth 72.50 billion rupees ($977.09 million) in Yes Bank as part of an initial phase of a rescue deal for the troubled lender.

SBI, the country's largest lender, said here its stake in Yes Bank will remain within 49%.

$1 = 74.2000 Indian rupees Reporting by Chandini Monnappa in Bengaluru; Editing by Sherry Jacob-Phillips

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