ICICI Bank to invest Rs 1,000 cr in Yes Bank; to hold stake in excess of 5%

"This investment is likely to result in ICICI Bank Ltd holding in excess of 5 per cent shareholding in Yes Bank," the lender said in a regulatory filing.

ICICI Bank on Friday said its board has approved investing Rs 1,000 crore in Yes Bank. The Bank will acquire 100 crore equity shares of Yes Bank at Rs 10 per share, including a premium of Rs 8 per share.

"This investment is likely to result in ICICI Bank holding in excess of 5 per cent shareholding in Yes Bank, with the final shareholding to be determined based on the final Scheme of Reconstruction and share issuance thereunder," the lender said in a statement.

The announcement came as the Union Cabinet approved Yes Bank's restructuring scheme to safeguard depositors' interest and