Bandhan Bank to invest Rs 300 cr in Yes Bank as part of reconstruction plan

Private sector Bandhan Bank claimed it will make investments Rs three hundred crore in Of course Bank as component of RBI’s reconstruction program for the disaster-hit loan provider.

In a late evening filing on Friday, Bandhan Bank claimed its board has “granted acceptance for an equity financial commitment of Rs. three hundred crore for obtaining upto thirty crore equity shares of Rs 2 every single of Of course Bank Confined, for money, at a high quality of Rs 8 for each equity share, under the proposed Scheme of Reconstruction of Of course Bank Confined under the Banking Regulation Act, 1949, subject matter to regulatory and govt acceptance”.

ICICI Bank, Housing Growth Finance Corp Ltd, Axis Bank and Kotak Mahindra Bank far too on Friday claimed they will be part of the SBI-led consortium and make investments in Of course Bank.

ICIC Bank and HDFC will make investments Rs one,000 crore every single, Axis Bank will make investments Rs 600 crore by shopping for sixty crore shares and Kotak Mahindra Bank Rs 500 crore by shopping for 50 crore shares.

On Thursday, SBI claimed it will make investments Rs 7,250 crore in Of course Bank, which is much higher than the Rs 2,450 crore it experienced prepared initially for forty nine for each cent stake in the private sector loan provider that began functions in 2004.