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ICICI Bank To Invest Up To $135 Million In Crisis-Hit Yes Bank

ICICI said it will buy 10 billion shares of Yes Bank at 10 rupees per share and hold about a 5% stake.

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India's ICICI Bank said on Friday it will invest up to 10 billion rupees ($135 million) in troubled lender Yes Bank Ltd as part of an initial phase of a rescue deal.

ICICI said it will buy 10 billion shares of Yes Bank at 10 rupees per share and hold about a 5% stake.

India placed Yes Bank, the country's fifth-largest private-sector lender, under a moratorium last week following a serious deterioration in the bank's financial position.

The rescue plan for Yes Bank involves State Bank of India, the country's largest lender, buying a stake in the troubled lender along with a consortium of other investors.

(Reuters)


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