The authorised capital of Yes Bank has been increased to Rs 6,200 crore, Finance Minister Nirmala Sitharaman said on Friday.
IDFC
First Bank on Sunday said it would make an equity investment of
Rs 250 crore in beleaguered YES Bank, to acquire 250 million equity
shares.
“...duly
authorised committee of the Board of Directors of IDFC FIRST Bank had
at its meeting held on March 14 accorded approval for an equity
investment of up to Rs 250 crore comprising up to 250 million equity
shares at a price of Rs 10 each and face value of Rs 2 each, under
the proposed Scheme of Reconstruction of YES Bank under the Banking
Regulation Act, 1949, subject to regulatory and government
approval(s), if any,” the bank said in a BSE filing.
The
Centre on Saturday notified the
YES Bank Reconstruction Scheme, 2020, a day after the Cabinet
approved a reconstruction plan proposed by the Reserve Bank of India
for bailing it out. .
The
authorised capital of Yes Bank has been increased to Rs 6,200 crore,
Finance Minister Nirmala Sitharaman said on Friday.
As
per the reconstruction scheme, moratorium on the troubled lender will
be lifted on March 18.
Under
the plan, state-run SBI will infuse Rs 7,250 crore in the
crisis-ridden bank and take 49% equity.
As
per the rescue plan, ICICI Bank will invest Rs 1,000 crore, mortgage
lender HDFC ₹1,000 crore, Axis Bank ₹600 crore, Kotak Mahindra
Bank Rs 500 crore, Bandhan Bank and Federal Bank Rs 300 crore each.
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
shareholding. It would be 75 per cent in case of other investors.
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