Crises stricken Yes Bank has now found survivors after a disaster shout since a few days. Earlier it was ICICI Bank that announced Rs 1,000 crore investment in the crisis-ridden Yes Bank, Axis Bank has also announced investment of Rs 600 crore at ₹10 per share.
HDFC too announced investment of Rs 1,000 crore by investing in 100 crore equity shares."The investment is likely to result in HDFC holding in excess of 5% shareholding in Yes Bank, with the final shareholding to be determined based on the final Scheme of Reconstruction and share issuance there under," the company stated in its stock exchange filing.
ICICI Bank will acquire Rs 100 crore equity shares of Yes Bank at Rs 10 per share, including a premium of Rs 8 per share.
"This investment is likely to result in ICICI Bank 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 there under," ICICI Bank 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.
A day earlier, State Bank of India (SBI) had announced an investment of Rs 7,250 crore in Yes Bank through the acquisition of Rs 725 crore shares at Rs 10 each. Kotak Mahindra Bank will too invest Rs 500 crore in the debt-ridden Yes Bank.
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