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Federal Bank on Saturday said it has issued an equity commitment letter to invest ₹300 crore in Yes Bank. The Bank will subscribe 30 crore equity shares of Yes Bank at a price of ₹10 per equity share.
In a stock exchange notice, Federal Bank said: “This Equity Commitment is pursuant to the scheme of reconstruction of Yes Bank proposed by the Reserve Bank of lndia under section 45 of the Banking Regulation Act, 1949 and subject to regulatory approvals and other conditions as set out in the Letter.”
So far, Yes Bank has received investment commitments aggregating ₹10,950 crore from the Indian financial system -- State Bank of India was the first to commit ₹7,250 crore, followed by ICICI Bank and HDFC (₹1,000 crore each), Axis Bank (₹600 crore), Kotak Mahindra Bank (₹500 crore), Bandhan Bank and Federal Bank (₹300 crore each).
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