 "HDFC to hold 7.97% stake in YES Bank for Rs 1,000 crore capital infusion")
Mortgage lender HDFC will pick up 7.97 per cent stake in Yes Bank for a Rs 1,000 crore capital infusion in the cash-strapped lender.
On March 14, Yes Bank allotted 100 crore shares of face value of Rs 2 each to the Corporation aggregating to 7.97 per cent of the post issue equity share capital of Yes bank, HDFC said in a regulatory filing on Monday.
The allotment of shares comes "after giving effect to the allotment of shares to State Bank of India, the Corporation, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, Bandhan Bank and IDFC First Bank ," it said.
On Friday, HDFC said it is investing in 100 crore equity shares of Rs 2 each in Yes Bank for a consideration of Rs 10 per share (including Rs 8 premium) for an aggregate consideration of Rs 1,000 crore.
As per the scheme of reconstruction of Yes Bank, 75 per cent of the total investment by the Corporation would be locked in for 3 years, HDFC had said. SBI has invested Rs 6,050 crore in crisis-ridden Yes Bank.
ICICI Bank, Housing Development Finance Corporation (HDFC), Axis Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank and IDFC First Bank have also joined the SBI-led consortium and invested in Yes Bank.
Axis Bank will invest Rs 600 crore by buying 60 crore shares and Kotak Mahindra Bank will infuse Rs 500 crore after purchasing 50 crore shares.
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