ICICI Bank on Friday said it will invest Rs 1,000 crore in Yes Bank as part of the RBI’s reconstruction plan for the crisis-hit lender. The decision was taken at ICICI Bank’s board meeting held on Thursday.
“The Board... Accorded approval for an equity investment of up to Rs 10 billion in equity shares of Yes Bank Limited, comprising up to 1 billion equity shares at a price of Rs 10 per share, under the proposed Scheme of Reconstruction of Yes Bank Limited under the Banking Regulation Act, 1949, subject to regulatory and government approval,” ICICI Bank said in a regulatory filing.
This investment will result in ICICI Bank Ltd 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, it added.