State Bank of India’s (SBI) Executive Committee of Central Board (ECCB) has approved the bank’s purchase of 725 crore shares in Yes Bank at Rs 10 per share.
This means the total investment approved is Rs 7,250 crore.
SBI’s shareholding in Yes Bank after reconstruction will be within the 49 percent limit, SBI said in a statement to stock exchanges.
According to the draft reconstruction plan, SBI was to be issued 245 crore shares at Rs 10 per share for Rs 2,450 crores.
The RBI had on March 5 superseded Yes Bank’s board and announced a draft reconstruction scheme.