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ICICI Bank to invest Rs 1,000 cr in Yes Bank; to hold stake in excess of 5%

"This investment is likely to result in ICICI Bank Ltd holding in excess of 5 per cent shareholding in Yes Bank," the lender said in a regulatory filing.

Agencies 

Photo- Dalip Kumar
ICICI Bank on Friday said its board has approved investing Rs 1,000 crore in Yes Bank. | Photo- Dalip Kumar

on Friday said its board has approved investing Rs 1,000 crore in The Bank will acquire 100 crore equity shares of at Rs 10 per share, including a premium of Rs 8 per share.

"This investment is likely to result in holding in excess of 5 per cent shareholding in Yes Bank, with the final shareholding to be determined based on the final Scheme of Reconstruction and share issuance thereunder," the lender said in a statement.

The announcement came as the Union Cabinet approved Yes Bank's restructuring scheme to safeguard depositors' interest and ensure a stable financial banking system.

Earlier this week, State Bank of India (SBI) had announced an investment of Rs 7,250 crore in through the acquisition of 725 crore shares at Rs 10 each.

India's biggest lender's shareholding in Yes Bank after reconstruction will be within the 49 per cent limit, it said in a statement.

The country's fifth-largest private-sector lender, was placed under a moratorium by Reserve Bank of India last week following a serious deterioration in the bank's financial position.

First Published: Fri, March 13 2020. 16:51 IST
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