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

Personal sector Bandhan Lender claimed it will spend Rs 300 crore in Certainly Lender as section of RBI’s reconstruction program for the disaster-strike lender.

In a late night filing on Friday, Bandhan Lender claimed its board has “granted approval for an equity expenditure of Rs. 300 crore for getting upto thirty crore equity shares of Rs 2 each and every of Certainly Lender Constrained, for cash, at a premium of Rs 8 for each equity share, beneath the proposed Plan of Reconstruction of Certainly Lender Constrained beneath the Banking Regulation Act, 1949, topic to regulatory and government approval”.

ICICI Lender, Housing Enhancement Finance Corp Ltd, Axis Lender and Kotak Mahindra Lender also on Friday claimed they will sign up for the SBI-led consortium and spend in Certainly Lender.

ICIC Lender and HDFC will spend Rs one,000 crore each and every, Axis Lender will spend Rs 600 crore by obtaining 60 crore shares and Kotak Mahindra Lender Rs five hundred crore by obtaining fifty crore shares.

On Thursday, SBI claimed it will spend Rs seven,250 crore in Certainly Lender, which is considerably increased than the Rs 2,450 crore it experienced prepared in the beginning for forty nine for each cent stake in the personal sector lender that commenced functions in 2004.