The Federal Bank has executed Letter agreement with Sumitomo Mitsui Banking Corporation (SMBC) and Yes Bank for sale of 16,62,73,472 equity shares of face value of Rs 2.00 each of Yes Bank held by the Bank, in favour of SMBC, at a consideration of Rs 21.50 per share subject to applicable law. The aforesaid sale is contingent upon terms set forth in the Letter Agreement and regulatory approvals required under applicable laws.
Federal Bank is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having many branches and ATMs spread across different States in India.
