ICICI Bank to invest Rs 1,000 crore in Yes Bank

NEW DELHI: ICICI Bank on Friday said its board has approved investing Rs 1,000 crore in Yes Bank.
“Our board at its meeting yesterday has approved for an equity investment of up to Rs 10 billion in equity shares of #YesBank, comprising up to 1 billion equity shares at a price of Rs 10 per share, under the proposed scheme of reconstruction of the bank,” the lender said in a regulatory filing.
“This investment is likely to result in ICICI Bank Ltd holding in excess of 5 per cent shareholding in Yes Bank,” the statement added.
Meanwhile, finance minister Nirmala Sitharaman said that the cabinet had approved a restructuring scheme for the crisis-hit Yes Bank.
The State Bank of India (SBI), the country’s largest lender, will take a 49 per cent stake in Yes Bank, cementing a previously-announced rescue plan.
The lender is also in talks with other prospective investors, Sitharaman added.
They would need to maintain at least 75 per cent of their investments for a minimum of three years, she said.
The central bank had last week imposed a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3.

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