ICICI Bank acquires 7.97 percent stake in Yes Bank

Private lender ICICI Bank  has acquired 7.97 percent stake in Yes Bank via its Rs 1,000 crore capital infusion in the troubled private sector lender. ICICI Bank Ltd now holds 100 crore equity shares pursuant to the Yes Bank Ltd Reconstruction Scheme, 2020 notified by the centre under the Banking Regulation Act, 1949, it mentioned in a regulatory filing.

ICICI Bank

“Accordingly, at March 17, 2020 the total equity shareholding of the bank stands at 7.97 percent,” it said.

As per the reconstruction scheme, 75 percent of the total investment by the lenders would be blocked in for three years, ICICI Bank said.

SBI, India largestesr investor as part of Yes Bank’s rescue plan acquires 48.21 percent stake at an investment of Rs 6,050 crore. In total, it will be having 49 percent stake in Yes Bank at an investment of Rs 7,250 crore.

The other banks and financial players part of the Yes Bank reconstruction scheme are namely mortgage lender HDFC Ltd with 7.97 percent stake at an investment of Rs 1,000 crore; Axis Bank 4.78 percent (Rs 600 crore); Kotak Mahindra Bank 3.98 percent (Rs 500 crore); Federal Bank and Bandhan Bank 2.39 percent each for equal investment of Rs 300 crore; and IDFC First Bank 1.99 percent (Rs 250 crore).

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