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- ICICI Bank said it would invest up to Rs 1,000 crore for a 5 per cent stake in Yes Bank, which is the country's fifth-largest private lender.
- Axis Bank, Kotak Mahindra Bank and country's largest mortgage lender HDFC will also buy stakes in the troubled lender.
- Axis Bank will invest up to Rs 600 crore, it said in a regulatory filing after market hours while HDFC said that it will buy 5 per cent stake in Yes Bank for a total consideration of Rs 1,000 crore.
- Kotak Mahindra Bank said that it will invest Rs 500 crore in Yes Bank for buying 50 crore equity shares.
- "The decision to provide a reconstruction scheme keeps at its core the protection of depositors' interest, keeps at its core providing stability to Yes Bank and also keeps at its core keeping a stable financial environment and banking system," Ms Sitharaman told reporters in New Delhi.
- This month, the government placed Yes Bank under a moratorium because of a serious deterioration in its financial position.
- The moratorium, a move to reassure depositors by handing control to the central bank, would be lifted within three days once a government notification is issued, the minister said. She did not give a precise timeline.
- Private investors that join the rescue deal will need to maintain at least 75 per cent of their investments for a minimum of three years, she said.
- The Reserve Bank of India last week increased Yes Bank's authorised share capital, paving the way for a cash injection.
- The authorised share capital of Yes Bank had now been hiked to Rs 6,200 crore from Rs 1,100 crore, Ms Sitharaman said.
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