State Bank of India said on Thursday it will buy 725 crore shares of Yes Bank at the price of Rs 10 per share, subject to regulatory approvals. The public sector bank's Executive Committee of Central Board (ECCB) has approved the proposal, it said in a statement.

"Our shareholding will remain within 49 per cent of the paid-up capital of Yes Bank," it added. The development came after the Reserve Bank of India (RBI) last week released a draft scheme for the reconstruction of Yes Bank.