Federal Bank and Bandhan Bank on Saturday said they will invest Rs 300 crore each in Yes Bank.
A regulatory filing by Federal Bank said: “The bank has issued an equity commitment letter to invest Rs 300 crore in Yes Bank for subscription of 30 crore equity shares of Yes Bank at a price of Rs 10 per equity share,” a regulatory filing said.
Similarly, in a late night filing on Friday, Bandhan Bank said its board had “granted approval for an equity investment of Rs 300 crore for acquiring up to 30 crore equity shares of Rs 2 each of Yes Bank, for cash, at a premium of Rs 8 per share”.
The Union cabinet on Friday approved a reconstruction plan proposed by the RBI for bailing out fund-starved Yes Bank.
The authorised capital of Yes Bank has been increased to Rs 6,200 crore, Union minister Nirmala Sitharaman said on Friday.
Under the plan, state-run SBI will infuse Rs 7,250 crore in the crisis-ridden private bank and take a 49 per cent equity. ICICI Bank will also invest Rs 1,000 crore for an equity in excess of 5 per cent. HDFC will infuse Rs 1,000 crore, while Axis Bank will invest up to Rs 600 crore to purchase 60 crore shares in the bank. There will be a three-year lock-in period for all the investors. However, the lock-in period for SBI would be only for 26 per cent of its shareholding. It would be 75 per cent for other investors.
