With Rs 1,000 Crore, ICICI Bank To Own 5% Of Yes Bank

ICICI said it will buy 100 crore shares of Yes Bank at Rs 10 per share and hold about a 5 per cent stake.

With Rs 1,000 Crore, ICICI Bank To Own 5% Of Yes Bank

ICICI Bank said on Friday it will invest up to Rs 1,000 crore in troubled lender Yes Bank as part of an initial phase of a rescue deal.

ICICI said it will buy 100 crore shares of Yes Bank at Rs 10 per share and hold about a 5 per cent stake.

The government 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.

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