daily stock picks

icici bank gets 7.97% stake in yes bank

Wednesday, Mar 18 2020 9:10AM

ICICI Bank on Tuesday said it has acquired 7.97 percent stake in Yes Bank through its Rs 1,000 crore capital infusion in the troubled private sector lender. ICICI Bank Ltd has acquired 100 crore equity shares pursuant to the Yes Bank Ltd Reconstruction Scheme, 2020 notified by the government under the Banking Regulation Act, 1949, it said in a regulatory filing.

"Accordingly, at March 17, 2020 the total equity shareholding of the bank stands at 7.97 percent," it said.

As per the reconstruction scheme, 75 percent of the total investment by the bank would be locked in for three years, ICICI Bank said.

SBI -- the largest investor as part of Yes Bank's rescue plan -- holds 48.21 percent stake at an investment of Rs 6,050 crore. In total, it will have 49 percent stake in Yes Bank at an investment of Rs 7,250 crore.The other banks and financial players part of the Yes Bank reconstruction scheme are -- mortgage lender HDFC Ltd with 7.97 percent stake at an investment of Rs 1,000 crore; Axis Bank 4.78 percent (Rs 600 crore); Kotak Mahindra Bank 3.98 percent (Rs 500 crore); Federal Bank and Bandhan Bank 2.39 percent each for equal investment of Rs 300 crore; and IDFC First Bank 1.99 percent (Rs 250 crore).


arshinic.in

Choose your inspirations! Join our newsletter.

arshinic.in