Shares of Yes Bank were climbing on Monday after reports that a major overseas bank was looking to enter a bid to buy a controlling stake in the lender.

What Happened: Emirates NBD, Dubai’s largest lender, is reportedly considering submitting a bid to acquire a majority stake in Yes Bank, Moneycontrol reported, citing sources. This interest follows reports on April 12 that Japan’s Mitsubishi UFJ Financial Group (MUFJ) and Sumitomo Mitsui Banking Corp. (SMBC) were also mulling bids for the troubled lender.

Initial bid submissions for Yes Bank are anticipated by April-end, a source told the publication.

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A consortium led by State Bank of India, which had bailed Yes Bank out in 2020, is contemplating a stake sale, with a three-year lock-in period ending in March 2023. Investment bank Citi is reportedly overseeing the search for a new promoter.

Yes Bank’s market value stood at ₹68,900 crore as of April 19, making a majority stake worth at least ₹35,139 crore. SBI holds the largest public stake at 26.13%, while other banks and financial institutions collectively own 13.84%.

Private equity firms Carlyle and Advent International invested ₹8,900 crore in the lender in July 2022, securing up to a 10% stake each. Overall, including LIC and the two PE firms, the total holding in Yes Bank is 52.83%.

Emirates NBD had previously showed interest in acquiring state-run IDBI Bank.

Price Action: Yes Bank’s share price was up 3.13% at ₹24.70 around noon on Monday.

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