Apart from SBI, these banks will invest in the Yes Bank to recover

New Delhi, 13 March 2020 Friday

Private sector Axis Bank will also invest Rs 600 crore in troubled Yes Bank. As part of Yes Bank's restructuring plan, Axis Bank will buy 60 million shares for 600 crores.

Apart from this, housing finance company HDFC has also decided to invest Rs 1,000 crore in Yes Bank. Kotak Mahindra Bank will also invest Rs 500 crore in Yes Bank.

In a note sent to the stock exchanges, Axis Bank on Friday approved a proposal to buy Yas Bank Ltd for Rs 60 crore each at a premium of eight rupees each at Rs 600 crore at a meeting of its board of directors.

This investment in Yes Bank will be made under the restructuring of Yes Bank Limited, a scheme proposed under the Banking Regulation Act, 1949.

The government on Friday (March 13) approved the Reserve Bank's proposed concession package for Yes Bank. Under this, State Bank of India will invest Rs 7,250 crore to acquire 49% stake in Yes Bank. Similarly, ICICI Bank will also invest Rs 1000 crore in acquiring 100 crore shares of Yes Bank.