ICICI Bank Gets 7.97% Stake in Crisis-hit Yes Bank Through Rs 1,000 Cr Capital Infusion
ICICI Bank Gets 7.97% Stake in Crisis-hit Yes Bank Through Rs 1,000 Cr Capital Infusion
ICICI Bank Ltd has acquired 100 crore equity shares pursuant to the Yes Bank Ltd Reconstruction Scheme, 2020 notified by the government under the Banking Regulation Act, 1949, it said in a regulatory filing.

ICICI Bank on Tuesday said it has acquired 7.97 per cent stake in Yes Bank through its Rs 1,000 crore capital infusion in the troubled private sector lender.

ICICI Bank Ltd has acquired 100 crore equity shares pursuant to the Yes Bank Ltd Reconstruction Scheme, 2020 notified by the government under the Banking Regulation Act, 1949, it said in a regulatory filing.

"Accordingly, at March 17, 2020, the total equity shareholding of the bank stands at 7.97 per cent," it said.

As per the reconstruction scheme, 75 per cent of the total investment by the bank would be locked in for three years, ICICI Bank said.

SBI — the largest investor as part of Yes Bank's rescue plan — holds 48.21 per cent stake at an investment of Rs 6,050 crore. In total, it will have 49 per cent stake in Yes Bank at an investment of Rs 7,250 crore.

The other banks and financial players part of the Yes Bank reconstruction scheme are — mortgage lender HDFC Ltd with 7.97 per cent stake at an investment of Rs 1,000 crore; Axis Bank 4.78 per cent (Rs 600 crore); Kotak Mahindra Bank 3.98 per cent (Rs 500 crore); Federal Bank and Bandhan Bank 2.39 per cent each for equal investment of Rs 300 crore; and IDFC First Bank 1.99 per cent (Rs 250 crore).

What's your reaction?

Comments

https://umatno.info/assets/images/user-avatar-s.jpg

0 comment

Write the first comment for this!