NEW DELHI: SBI and LIC are set to pick up 49 per cent stake in YES Bank by acquiring preferential shares in the private lender at Rs 2 per share, sources told ET NOW. The two state-run firms will acquire the stake for Rs 490 crore, the report added.SBI will likely be given exemption from open offer . It should be noted that a similar exemption was given to the lender in case of Union Bank of India in November 2019.Earlier in the day, the scrip jumped 25.77 per cent to close at Rs 36.85 on BSE on reports that the largest state-run bank was asked by the government to form a consortium for acquiring a stake in YES Bank.“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,” SBI had told stock exchanges in a clarification.Earlier in January, chairman Ravneet Gill had expressed his strong belief that “some solutions will emerge” to bail out the private lender.YES Bank has so far failed to bring a strategic investor. Reports recently suggested that the private bank had approached mutual funds for raising fresh equity capital worth $300-$500 million.The private lender had earlier said it has delayed its third-quarter earnings as the bank is reviewing non-binding expressions of interest from four investors.YES Bank had plans to raise up to $2 billion to shore up its capital base.It had picked Cantor Fitzgerald, led by former Deutsche Bank global co-CEO Anshu Jain, and local investment banks IDFC Securities and Ambit Capital to raise funds that would help the lender expand its loan book.Recently, the private lender received non-binding expressions of interest from investors including JC Flowers, Tilden Park Capital, OHA UK and Silver Point Capital.Also, a media report last month suggested Hinduja Group was partnering with private equity firm Cerberus Capital Management LP in seeking to pick up a stake in embattled Yes Bank.However, nothing materialised till date.