Business Today
Loading...

SBI to own 245 crore shares for Rs 10 each in YES 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

twitter-logoPTI | March 7, 2020 | Updated 21:48 IST
SBI to own 245 crore shares for Rs 10 each in YES Bank
State Bank of India

The State Bank of India (SBI) on Saturday said it will be issued 245-crore shares for 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.

Also Read: Govt invites EOI to sell entire stake in BPCL; $10 billion net worth must for bidding

Also Read: YES Bank crisis: How SBI executed a perfect 'rescue plan'

Also Read: YES Bank Collapse: ED grills Rana Kapoor; raids continue on second day

  • Print
  • COMMENT
BT-Story-Page-B.gif
A    A   A
close