Bandhan Bank to invest Rs 300 crore in Yes Bank
As part of Yes Bank's reconstruction plan, private sector Bandhan Bank said it will invest Rs 300 crore in Yes Bank reconstruction plan for the crisis-hit lender. The announcement has come hours after government said that Yes Bank's moratorium will end in three working days on March 18 by 6 pm.
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".
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.
(With inputs from agencies)
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