Overview
- Rajeev Kannan said SMBC has no immediate plan to raise its holding beyond the regulatory cap and does not seek an executive role at Yes Bank.
- SMBC is now the largest shareholder at or near 24.99% after RBI cleared purchases following a May deal to buy 20% for $1.6 billion.
- Yes Bank inducted two SMBC nominees to its board this quarter: Rajeev Veeravalli Kannan and Shinchiro Nishino.
- Yes Bank shares fell about 4–5% after the disclosure, retracing part of a recent rally driven by open-offer speculation.
- Crossing 25% in India would trigger a mandatory open offer for at least an additional 26% of shares, a step SMBC is not pursuing now.