SBI
SBI

Mumbai: Crisis-hit Yes Bank has allotted 1,000 crore equity shares to seven private banks and the state-run State Bank of India for a total consideration of Rs 10,000 crore.

IDFC First Bank is the latest to enter the SBI-led rescue team with an investment of Rs 250 crore. Investment by private banks has so far reached Rs 3,950 crore.

In a regulatory filing, Yes Bank said: "395,00,00,000 equity shares have been issued and allotted to the (private) investors for an aggregate subscription consideration of Rs 39,50,00,00,000, calculated at a share price of Rs 10 per equity share comprising of Rs 2 face value and Rs 8 premium."

Further, SBI which would hold 49 per cent stake in the cash-strapped lender has been allotted 605 crore shares for Rs 6,050 crore. Under the Reserve Bank-proposed reconstruction scheme for Yes Bank, SBI shall not reduce its holding below 26 per cent before completion of three years from March 14.

SBI, the largest public sector bank in the country, has in fact committed Rs 7,250 crore. On Thursday, it said that its Executive Committee of Central Board (ECCB) has approved the purchase of 725 crore shares in Yes Bank at Rs 10 per share.

Among the private players, ICICI Bank and Housing Development Finance Corporation committed Rs 1,000 crore each. Axis Bank and Kotak Mahindra Bank committed to invest Rs 600 crore and Rs 500 crore respectively.

Both Federal Bank and Bandhan Bank have been allotted shares for Rs 300 crore each as per their commitment and IDFC First Bank has been issued equity shares in the crisis-ridden bank for a consideration of Rs 250 crore.

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