ICICI Bank gets 7.97% stake in Yes Bank1 min read . Updated: 17 Mar 2020, 10:37 PM IST
- In total, it will have 49 per cent stake in Yes Bank at an investment of ₹7,250 crore
- As per the reconstruction scheme, 75% of the total investment by the bank would be locked in for three years, ICICI Bank said
NEW DELHI : ICICI Bank on Tuesday said it has acquired 7.97 per cent stake in Yes Bank through its ₹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 per cent," it said.
As per the reconstruction scheme, 75% 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% stake at an investment of ₹6,050 crore. In total, it will have 49 per cent stake in Yes Bank at an investment of ₹7,250 crore.
The other banks and financial players part of the Yes Bank reconstruction scheme are -- mortgage lender HDFC Ltd with 7.97 % stake at an investment of ₹1,000 crore; Axis Bank 4.78 per cent ( ₹600 crore); Kotak Mahindra Bank 3.98 per cent ( ₹500 crore); Federal Bank and Bandhan Bank 2.39 per cent each for equal investment of ₹300 crore; and IDFC First Bank 1.99 per cent ( ₹250 crore).