Private sector lender ICICI Bank has announced that its board has approved investing Rs 1,000 crore in the cash form for Yes Bank.
ICICI Bank will get 100 crore equity shares at a price of Rs 10 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 an exchange filing with the BSE.
“This investment is likely to result in ICICI Bank Limited holding in excess of 5.0% shareholding in Yes Bank Limited, with the final shareholding to be determined based on the final Scheme of Reconstruction and share issuance thereunder,” ICICI Bank said in its filing.
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