Axis Bank to infuse Rs 600 crore in Yes Bank through equity route

An infusion of Rs 600 crore in Yes Bank through equity route has been approved by the board of Axis Bank. 60 crore equity shares of Yes Bank at Rs 10 per share including a premium of Rs 8 per share will be acquired by the Axis Bank.

In an official statement, the bank said that following the latest investment it will hold less than 5% of newly issued and paid-up capital of Yes Bank.

As of December 31, 2019, LIC, the promoter of Axis Bank held 8.06% of the equity share capital of Yes Bank. While announcing the Cabinet approval to the restructuring scheme of Yes Bank, Finance Minister Nirmala Sitharaman said the decision intends to safeguard depositors’ interest and ensure a stable financial banking system.