March 13, 2020 / 11:17 AM / 24 days ago

India's ICICI Bank to invest up to $135 million in crisis-hit Yes Bank

BENGALURU (Reuters) - India’s ICICI Bank (ICBK.NS) said on Friday it will invest up to 10 billion rupees ($135 million) in troubled lender Yes Bank Ltd (YESB.NS) as part of an initial phase of a rescue deal.

ICICI said here it will buy 10 billion shares of Yes Bank at 10 rupees per share and hold about a 5% stake.

India placed Yes Bank, the country’s fifth-largest private-sector lender, under a moratorium last week following a serious deterioration in the bank’s financial position.

The rescue plan for Yes Bank involves State Bank of India (SBI.NS), the country’s largest lender, buying a stake in the troubled lender along with a consortium of other investors.

Reporting by Chandini Monnappa in Bengaluru, Editing by Sherry Jacob-Phillips

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below