 "Yes Bank rescue plan: SBI to own 245 cr shares worth Rs 2,450 cr")
SBI to take over 49% stake own 245 cr shares worth Rs 10 each, translating to 49% stake in Yes Bank
The State Bank of India (SBI) on Saturday said it will be issued 245-crore shares at a price of Rs 10 each for Rs 2,450 crore in Yes Bank. These shares will translate into a 49 per cent stake into the reconstructed bank.
SBI shall not reduce its holding below 26 per cent before completion of three years from the date of infusion of the capital, the country's largest lender said in a statement.
It further said that the new board of Yes Bank will have CEO and MD, non-executive chairman and non-executive directors.
"All the employees of the reconstructed bank shall continue in its service with the same remuneration and on the same terms and conditions... at least for a period of one year," SBI said.
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