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Federal Bank to invest Rs 300 cr in Yes Bank at Rs 10 per equity share

SBI is investing Rs 7,250 crore in the ailing lender. LIC, HDFC, ICICI, Axis and Kotak Mahindra and other investors have also come forward to invest in it

T E Narasimhan  |  Chennai 

Photo: Dalip Kumar
SBI has proposed to invest Rs 7,250 crore in Yes Bank | Photo: Dalip Kumar

Kerala-based Limited has decided to invest Rs 300 crore in and has issued an equity commitment letter to subscribe to the ailing lender's equity shares.
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The Bank said it has issued an equity commitment Letter for subscription of 300 million shares of at a price of Rs 10 per equity share.
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The commitment is pursuant to the scheme of reconstruction of proposed by the Reserve Bank of India under section 45 of the Banking Regulation Act, 1949 and subject to regulatory approvals and other conditions as set out in the Letter.
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On Friday, the Union Cabinet, headed by Prime Minister Narendra Modi, approved the Yes Bank rescue plan backed by the State Bank of India (SBI).
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SBI has proposed to invest Rs 7,250 crore in Yes Bank by purchasing 7,250 million shares at Rs 10 apiece.
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LIC, HDFC, ICICI, Axis and Kotak Mahindra and the other investors have already come forward to invest in the cash-starved Yes Bank.
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First Published: Sat, March 14 2020. 18:09 IST
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