Recent Representation: State Bank of India and seven listed private sector banks

S&R Associates represented State Bank of India and seven listed private sector banks, namely HDFC Bank Limited, Kotak Mahindra Bank Limited, Axis Bank Limited, ICICI Bank Limited, IDFC First Bank Limited, Bandhan Bank Limited and Federal Bank Limited, in the INR 134.83 billion sale of an aggregate 20% of the share capital of Yes Bank Limited, a listed private sector bank, to Sumitomo Mitsui Banking Corporation, a part of Sumitomo Mitsui Financial Group, Inc.

This transaction is the largest cross-border investment in an Indian private sector bank.

The S&R team was led by Rajat Sethi and Dhruv Nath, and included associates Srikari Kancherla and V. Sreedharan on corporate matters. Head of competition practice Simran Dhir and partner Akshat Kulshrestha advised on competition law matters. Partner Sumit Bansal, counsel Shivani Chhabra and associate Taranjeet Singh advised on direct tax matters. Partner Ajinkya Gunjan Mishra and associate Avani Tewari advised on indirect tax matters.

For reference, please see a stock exchange announcement below in relation to the transaction: https://nsearchives.nseindia.com/corporate/YESBANK_18092025130858_YBL_SE_Intimation_Press_release_SMBC_18092025_signed.pdf