ICICI Bank gets 7.97% stake in crisis-hit Yes Bank through Rs 1,000 cr capital infusion
ICICI Bank on Tuesday said it has acquired 7.97 percent stake in Yes Bank through its Rs 1,000 crore capital infusion in the troubled private sector lender
ICICI Bank on Tuesday said it has acquired 7.97 percent stake in Yes Bank through its Rs 1,000 crore capital infusion in the troubled private sector lender.
ICICI Bank Ltd has acquired 100 crore equity shares pursuant to the Yes Bank Ltd Reconstruction Scheme, 2020 notified by the government under the Banking Regulation Act, 1949, it said in a regulatory filing.
"Accordingly, at 17 March, 2020, the total equity shareholding of the bank stands at 7.97 percent," it said.
As per the reconstruction scheme, 75 percent of the total investment by the bank would be locked in for three years, ICICI Bank said.
SBI — the largest investor as part of Yes Bank's rescue plan — holds 48.21 percent stake at an investment of Rs 6,050 crore. In total, it will have 49 percent stake in Yes Bank at an investment of Rs 7,250 crore.
The other banks and financial players part of the Yes Bank reconstruction scheme are — mortgage lender HDFC Ltd with 7.97 percent stake at an investment of Rs 1,000 crore; Axis Bank 4.78 percent (Rs 600 crore); Kotak Mahindra Bank 3.98 percent (Rs 500 crore); Federal Bank and Bandhan Bank 2.39 percent each for the equal investment of Rs 300 crore; and IDFC First Bank 1.99 percent (Rs 250 crore).
Following this deal, Vidit and Kanishk will take senior leadership positions. Saleem Asaria, a partner at Lightrock India, will take on the responsibility of Executive Chairman
Shaktikanta Das also said that the COVID-19 pandemic crisis created an opportunity to explore and harness the power of big data and strengthen direct feedback mechanisms while working from home
Foreign Direct Investment (FDI) in Pakistan has dropped by 52 percent in the first four months of the current financial year. The State Bank of Pakistan released information about this last Monday