AZB & Partners has advised India's Yes Bank on its agreement to sell a 10 percent stake to U.S. private equity firms Carlyle Group and Advent International for $1.1 billion.

Yes Bank, which was established in 2004, was once considered a rising star in India’s banking industry. However, saddled with bad debts and experiencing a corporate governance failure, the private bank needed to be bailed out by the Reserve Bank of India (RBI) earlier this year.