The board of ICICI Bank on March 13 has approved an investment of Rs 1,000 crore in Yes Bank via equity route.
ICICI Bank will acquire 100 crore equity shares of Yes Bank at Rs 10 per share, including a premium of Rs 8 per share.
This investment is likely to result in ICICI Bank holding in excess of 5.0 percent shareholding in Yes Bank, with the final shareholding to be determined based on the final Scheme of Reconstruction and share issuance thereunder, ICICI Bank said in a release to the stock exchange.
“We wish to inform you that the Board at its Meeting held on March 12, 2020, accorded approval for an equity investment of up to~ 10.00 billion in equity shares of Yes Bank Limited, comprising up to 1.00 billion equityshares at a price of~ 10.0 per share, under the proposed Scheme of Reconstruction of Yes Bank Limited under the Banking Regulation Act, 1949, subject to regulatory and government approval,” the bank said in the release.
