India: SBI to immediately invest $350m to buy 49% stake in Yes Bank

India: SBI to immediately invest $350m to buy 49% stake in Yes Bank

Photo: Reuters

State Bank of India chairman Rajnish Kumar on Saturday said survival of Yes Bank was critical for the financial system and that it will invest 2,450 crore immediately, which can later balloon to over 10,000 crore depending on the due diligence and final valuation, to pick up 49% in the bank.

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