The State Bank of India (SBI) on Saturday said it will issue 245-crore shares at a price of Rs 10 each for Rs 2,450 crore in Yes Bank.
These shares will translate into a 49 per cent stake into the reconstructed bank.
SBI shall not reduce its holding below 26 per cent before completion of three years from the date of infusion of the capital, the country's largest lender said in a statement.
It further said that the new board of Yes Bank will have CEO and MD, non-executive chairman and non-executive directors.
"All the employees of the reconstructed bank shall continue in its service with the same remuneration and on the same terms and conditions... at least for a period of one year," SBI said.
The Reserve Bank on Thursday superseded the board of Yes Bank and put a moratorium till April 3 during which customers are not allowed to withdraw more than Rs 50,000 from their account, even if one holds multiple accounts with the lender.
The RBI said the restrictions were imposed due to the ailing financial condition of Yes Bank which had failed to raise capital to keep itself going.
Former SBI CFO Prashant Kumar was appointed as administrator of Yes Bank, which has over 1,000 branches and 1,800-plus ATMs across the country.
On Thursday, Union Finance Minister Nirmala Sitharaman said the bank was on watch since 2017 and developments relating to it were monitored on a day-to-day basis.
Panicked Yes Bank customers were seen queuing up at the bank's ATMs at various locations, but to no avail as as most cash-dispensing machines ran dry, after the Reserve Bank placed the crisis-hit lender under a moratorium.
However, many a customers said they were able to withdraw the stipulated amount of Rs 50,000 through cheques at Yes Bank branches.
Customers are also facing trouble because net banking services are not working and some even complained that their credit cards are also not working.
