State Bank of India (SBI) announced on Friday that its board has approved the sale of a 13.19% stake in Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for a total of Rs 8,889 crore.

In a regulatory filing, SBI stated that the executive committee of the central board (ECCB) has given the green light to divest 413.44 crore equity shares in Yes Bank at Rs 21.50 per share, amounting to a total transaction value of Rs 8,888.97 crore.