HDFC To Hold 7.97% Stake In Yes Bank For ₹1,000 Crore Infusion
Money & Banking
PTI
New Delhi |
Updated on
March 16, 2020
Published on
March 16, 2020
Mortgage lender HDFC will pick up 7.97 per cent stake in Yes Bank for a ₹1,000 crore capital infusion in the cash-strapped lender.
On March 14, Yes Bank allotted 100 crore shares of face value of ₹2 each to the Corporation aggregating to 7.97 per cent of the post issue equity share capital of Yes bank, HDFC said in a regulatory filing on Monday.
The allotment of shares comes “after giving effect to the allotment of shares to State Bank of India, the Corporation, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, Bandhan Bank and IDFC First Bank ,” it said.
On Friday, HDFC said it is investing in 100 crore equity shares of ₹2 each in Yes Bank for a consideration of ₹10 per share (including ₹8 premium) for an aggregate consideration of ₹1,000 crore.
As per the scheme of reconstruction of Yes Bank, 75 per cent of the total investment by the Corporation would be locked in for three years, HDFC had said.
SBI has invested ₹6,050 crore in crisis-ridden Yes Bank.
ICICI Bank, Housing Development Finance Corporation (HDFC), Axis Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank and IDFC First Bank have also joined the SBI-led consortium and invested in Yes Bank.
Axis Bank will invest ₹600 crore by buying 60 crore shares and Kotak Mahindra Bank will infuse ₹500 crore after purchasing 50 crore shares. PTI KPM
Published on
March 16, 2020
PTI
New Delhi |
Updated on
Mortgage lender HDFC will pick up 7.97 per cent stake in Yes Bank for a ₹1,000 crore capital infusion in the cash-strapped lender.
On March 14, Yes Bank allotted 100 crore shares of face value of ₹2 each to the Corporation aggregating to 7.97 per cent of the post issue equity share capital of Yes bank, HDFC said in a regulatory filing on Monday.
The allotment of shares comes “after giving effect to the allotment of shares to State Bank of India, the Corporation, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, Bandhan Bank and IDFC First Bank ,” it said.
On Friday, HDFC said it is investing in 100 crore equity shares of ₹2 each in Yes Bank for a consideration of ₹10 per share (including ₹8 premium) for an aggregate consideration of ₹1,000 crore.
As per the scheme of reconstruction of Yes Bank, 75 per cent of the total investment by the Corporation would be locked in for three years, HDFC had said.
SBI has invested ₹6,050 crore in crisis-ridden Yes Bank.
ICICI Bank, Housing Development Finance Corporation (HDFC), Axis Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank and IDFC First Bank have also joined the SBI-led consortium and invested in Yes Bank.
Axis Bank will invest ₹600 crore by buying 60 crore shares and Kotak Mahindra Bank will infuse ₹500 crore after purchasing 50 crore shares. PTI KPM
Published on
Former Army Maj. Gen. John B. Richardson IV Joins USAA To Lead Military Affairs
Two-star general and decorated combat veteran to bring forward-looking vision in continued service to military members a... Read more
Steeped In Tradition: USAA Kicks Off 124th Army-Navy Game Celebrations In A Massive Way, Honoring 250th Anniversary Of The Boston Tea Party
USAA honors history of rivalry game and the city, bringing giant bag of tea to Boston’s historic sites Read more
USAA Life Insurance Announces New Relationship With Trust & Will
USAA Life Insurance Company, a leading financial services brand for military members and their families, and Trust &... Read more
“Go Beyond Thanks:” New Survey Reveals We Should Do More Than Simply Thank Our Veterans For Their Service
Data Reveals Half of Military/Veterans Surveyed Feel Uncomfortable or Awkward When Someone Says the Phrase “Thank You ... Read more
USAA Expanding Education Program To Include Tuition-Free Support For Employees And Employee Dependents
Company also announces student loan 401(k) contribution match up to 8% Read more
USAA Life Insurance Company Introduces Fixed Indexed Annuity
New product provides tax-deferred growth along with principal protection to help build retirement savings. Read more