CA Basque Investments, an affiliate of Carlyle, has sold its entire shareholding (4.22% stake) in Yes Bank Limited to Sumitomo Mitsui Banking Corporation for approximately $349 million.

JSA Advocates & Solicitors advised Sumitomo Mitsui Banking Corporation on this transaction.

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).

JSA has also advised SMBC on its acquisition of 20% stake in Yes Bank from SBI and other shareholders.

Shardul Amarchand Mangaldas & Co. acted as legal counsel to Carlyle, advising on the regulatory framework, transaction structuring, drafting, and negotiation of the share purchase agreement and ancillary documents, as well as execution and closing actions.

The transaction team was led by Abhishek Guha with a team comprising Tanya Uppal (Partner), Veena Sivaramakrishnan (Partner), Mohit Bhatia (Partner), Kanwardeep Singh Kapany (Counsel) and Yash Modi (Senior Associate).

The SAM team had also advised Carlyle during its acquisition of a 9.99% stake in Yes Bank in 2022.

Post this transaction, SMBC will become the YES Bank’s largest shareholder with 24.22% stake.

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