JSA advises Sumitomo Mitsui Banking Corporation (SMBC) in acquiring additional 4.22% stake in YES Bank Limited (Yes Bank) through a secondary purchase from CA Basque Investments, a company affiliated with The Carlyle Group Inc. (NASDAQ: CG), a global investment firm, for an aggregate consideration of ~USD 349 million.
JSA has also advised SMBC on its acquisition of 20% stake in Yes Bank from SBI and other shareholders including Axis Bank Limited, Bandhan Bank Limited, Federal Bank Limited, HDFC Bank Limited, ICICI Bank Limited, IDFC First Bank Limited and Kotak Mahindra Bank Limited. The entire transaction will result in SMBC becoming the Yes Bank’s largest shareholder with 24.22% stake.
SMBC is among the leading foreign banks in India and SMFG’s wholly owned subsidiary, SMFG India Credit Company Limited, is among the largest diversified NBFCs in India.
The entire transaction is a significant milestone to drive Yes Bank’s next phase of growth, profitability and value creation and SMBC expects to leverage its global expertise in this phase.
The transaction team was led by Vikram Raghani (Lead Partner), along with Birbahadur Sachar (Partner), Vaishnavi Vyas (Senior Associate), Pranjal Shorey (Associate), Rashika Sharda (Associate), and Niki Shah (Company Secretary).
The competition team was headed by Nisha Kaur Uberoi (Partner and Chair, Competition Law),supported by Shambhvi Sinha (Principal Associate), Keerthana Kesavan (Associate), and Neelanjana Ghosh (Associate).
Bir is a member of JSA’s Corporate and Finance practice. He specialises in mergers & acquisitions (both listed and unlisted) and private equity (both listed and unlisted).