Several potential investors have come forward to help YES bank in its restructuring plan. The authorized capital of Yes Bank has been increased from Rs 1100 crore to Rs 6200 crore. So far SBI, HDFC, ICICI and Axis Bank came forward to invest in Yes Bank.
In the latest news, Bandhan Bank has come forward with its investment plans now.
Private sector Bandhan Bank has announced an investment of Rs 300 crore in the troubled Yes Bank under the Reserve Bank’s restructuring plan. Bandhan Bank, in a statement sent to the stock exchanges late on 13th March, stated that its board of directors had approved the purchase of 30 crore shares of Yes Bank of Rs 2 each at a premium of eight rupees per share. In this way, Bandhan Bank will invest Rs 300 crore in Yes Bank.
Moreover, Axis Bank will invest Rs 600 crore, and Kotak Mahindra Bank will invest Rs 500 crore. Earlier, SBI announced an investment of Rs 7,250 crore in Yes Bank which is more than the Rs 2,450 crore investment announced more shortly for the acquisition of 49 per cent stake. Earlier from the decision of RBI, depositors were facing a lot of difficulty in withdrawing their money from Yes Bank. After investments from different banks, Yes Bank can function entirely soon.
It is noteworthy that Bandhan Bank was founded in the year 2001, and its current CEO is Chandra Shekhar Ghosh. Last year, the National Company Law Tribunal recently approved the merger of Bandhan Bank and “Gruh Finance” of Ahmedabad.
As per the RBI Reconstruction scheme, 75 % of the entire investment of the Bank will get locked in for three years. Shares of YES BANK LTD. was last trading in BSE at Rs.25.55 as compared to the previous close of Rs. 25.05. Shares of Bandhan Bank Ltd was recent trading in BSE at Rs.327.9 as compared to the last end of Rs. 334.8.
ALSO READ: Axis Bank To Invest Rs 600 Crores In Yes Bank Via Equity
