Yes Bank rescue plan: Bandhan Bank to invest Rs 300 cr as part of RBI's reconstruction plan for crisis-hit private lender
ICICI Bank, Housing Development Finance Corp Ltd, Axis Bank and Kotak Mahindra Bank too on Friday said they will join the SBI-led consortium and invest in Yes Bank.
New Delhi: Private sector Bandhan Bank said it will invest Rs 300 crore in Yes Bank as part of RBI's reconstruction plan for the crisis-hit lender.
#JustIn | After ICICI Bank, Kotak Mahindra, Axis Bank & HDFC, now @bandhanbank_in announces an investment in Yes Bank pic.twitter.com/OYkVmQcNeL
— CNBC-TV18 (@CNBCTV18Live) March 14, 2020
In a late night filing on Friday, Bandhan Bank said its board has "granted approval for an equity investment of Rs. 300 crore for acquiring upto 30 crore equity shares of Rs 2 each of YES Bank Limited, for cash, at a premium of Rs 8 per equity share, under the proposed Scheme of Reconstruction of YES Bank Limited under the Banking Regulation Act, 1949, subject to regulatory and government approval".
Representational image. Reuters.
ICICI Bank, Housing Development Finance Corp Ltd, Axis Bank and Kotak Mahindra Bank too on Friday said they will join the SBI-led consortium and invest in Yes Bank.
ICIC Bank and HDFC will invest Rs 1,000 crore each, Axis Bank will invest Rs 600 crore by buying 60 crore shares and Kotak Mahindra Bank Rs 500 crore through buying 50 crore shares.
On Thursday, SBI said it will invest Rs 7,250 crore in Yes Bank, which is much higher than the Rs 2,450 crore it had planned initially for 49 per cent stake in the private sector lender that began operations in 2004. PTI KPM ABM
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