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Report: India's Yes Bank in stake sale talks with Microsoft, others

India-based Yes Bank Ltd. held discussions with U.S.-based Microsoft Corp. and two other global technology companies for a strategic investment in the private sector bank, Mint reported Oct. 6, citing two people directly aware of the discussions.

Depending on the outcome of the talks, Yes Bank could sell up to a 15% stake through an issuance of new equity shares, one of the people said. Such a deal would not only bring in about 20 billion rupees, but may also help the bank with its digital banking and payment system plans, the source added. The bank may allot a board seat to a strategic partner, the second source said.

A Microsoft spokesperson said the company has "nothing to share" on the matter, while a spokesperson for Yes Bank declined to comment.

Meanwhile, Yes Bank filed a complaint with Indian law enforcement authorities against the dissemination of fake news and spread of rumors about its financial health on social media platforms.

In an Oct. 6 filing, the lender said it requested the Mumbai Police force and its Cyber Cell division to establish a team to investigate the origin of "malicious rumors" about its financial health. The bank added that the messages are intended to tarnish its image.

As of Oct. 4, US$1 was equivalent to 70.88 Indian rupees.