The boards of directors of Axis Bank and HDFC on Friday approved to invest up to Rs 600 crore and Rs 1,000 crore respectively in Yes Bank.
The board of directors of Axis Bank gave approval for acquiring up to 60 crore equity shares of Rs 2 each of Yes Bank for a consideration of Rs 10 per share for an aggregate consideration of Rs 600 crore, said the bank in a statement.
The board of directors of HDFC has also given the approval to invest in 100 crore equity shares of Rs 2 each of Yes Bank for a consideration of Rs 10 per share for an aggregate consideration of Rs 1,000 crore.
The investment by Axis Bank would be less than 5 per cent of the new issued and paid-up capital of Yes Bank, whereas, the investment by HDFC would be in excess of 5 per cent shareholding in Yes Bank.
The board of ICICI has also approved an investment of Rs 1,000 crore in Yes Bank via equity route.
As on September 30, 2019, Yes Bank had total assets of Rs 3,46,575 crore which includes an advance book of Rs 2,24,505 crore. The deposit base of Yes Bank was Rs 2,09,497 crore.
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Yes Bank generated a loss of Rs 486 crore on a total income of Rs 17,421 crore for H1 FY20. The results for Q3FY20 have not yet been released.
Earlier, the Reserve Bank of India (RBI) had placed in the public domain a draft scheme of reconstruction for Yes Bank on March 6.
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