Banking major SBI and LIC are likely to acquire a 49 per cent stake in Yes Bank via preferential shares at Rs 2 per share for a total amount of Rs 490 crore.

According to a report by ET NOW, SBI might be exempted from making an "open offer". Earlier on Thursday, Yes Bank shares surged as much as 27 per cent to Rs 37.30 after it was reported that the government had approved a plan for an SBI-led consortium to buy a stake in the bank. In contrast, SBI shares initially fell but picked up pace subsequently. 

"We will abide by the timelines under Regulation 30 of SEBI (LODR) Regulations 2015 in disclosing the developments if any in the matter to stock exchanges," clarified SBI.

Grappling with bad loans, Yes Bank is looking to infuse fresh capital and had delayed the announcement of the December 2019 quarter results, saying it was reviewing non-binding expressions of interest from four investors.

Earlier in January, Yes Bank chairman Ravneet Gill had shown strong faith that "some solutions will surely emerge" to bail out the private lender. The private lender had reportedly approached mutual funds for infusing fresh equity capital worth USD 300-500 million.

(With inputs from PTI and ENS)