Comments
Private sector lender Axis Bank will invest up to ₹600 crore in troubled peer Yes Bank and acquire 60 crore equity shares.
The decision was taken at the meeting of its Board of Directors on Friday.
“The Board of Directors of Axis Bank Ltd at its meeting held today has accorded approval to invest a sum of up to ₹600 crore (for acquiring up to 60 crore equity shares of Rs 2 each (Rupees two only) of Yes Bank Limited, for cash, at a premium of ₹8 per equity share, under the proposed Scheme of Reconstruction of Yes Bank Limited under the Banking Regulation Act, 1949,” it said in a regulatory filing.
The investment in Yes Bank is towards its revival under the reconstruction scheme planned by the RBI and approved by the government, it further said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.