Bandhan Bank and Federal Bank on September 17 announced that they have sold some of their stake in Yes Bank to Japanese conglomerate Sumitomo Mitsui Banking Corporation (SMBC).

In exchange filings released in the post market hours of September 17, the two private lenders announced that they sold the shares of Yes Bank at a consideration of Rs 21.50 apiece.

Federal Bank sold more nearly 16.63 crore shares of Yes Bank worth around Rs 357 crore. Bandhan Bank meanwhile sold over 15.39 crore shares in the peer lender worth around Rs 331 crore, reducing its stake in the company from 0.70 percent to 0.21 percent.

Earlier during the day, State Bank of India (SBI) announced the completion of the sale of 13.18 percent stake in Yes Bank to SMBC. The shares of the PSU lender surged 3 percent after the announcement.

Earlier in May this year, SMBC agreed to buy 20 percent stake in Yes Bank, marking one of the largest foreign investments in an Indian private bank. Following this deal, SMBC will emerge as the single-largest shareholder in Yes Bank.

It was set to buy the largest chunk of over 13 percent stake from SBI (worth nearly Rs 8,889 crore), and the remaining (around 7 percent) from a group of Indian banks including Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank and Kotak Mahindra Bank. These banks had originally invested in Yes Bank at around Rs 10 per share during its reconstruction phase in 2020.

Bandhan Bank and Federal Bank shares rose more than 1 percent to close at Rs 164.32 apiece and Rs 199.07 apiece. The stocks will be kept under active watch tomorrow when the markets reopen.

Yes Bank shares meanwhile closed in the green with marginal gains at Rs 21.07 apiece.