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ICICI Bank’s Board on Friday accorded approval for an equity investment of up to ₹1,000 crore in equity shares of the troubled YES Bank. This comes on the heels of State Bank of India (SBI) announcing on Thursday that it would invest ₹7,250 crore in the private lender.
This investment comprises up to 100 crore equity shares at a price of ₹10 per share, under the proposed Scheme of Reconstruction of YES Bank, under the Banking Regulation Act, 1949, subject to regulatory and government approval.
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 thereunder.
SBI’s ₹7,250 crore investment is expected result in it picking up about 30 per cent stake in YES Bank.
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