BENGALURU (Reuters) - India’s ICICI Bank (ICBK.NS) said on Friday it will invest up to 10 billion rupees ($135 million) in troubled lender Yes Bank Ltd (YESB.NS) as part of an initial phase of a rescue deal.
ICICI said here 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 (SBI.NS), the country’s largest lender, buying a stake in the troubled lender along with a consortium of other investors.
Reporting by Chandini Monnappa in Bengaluru, Editing by Sherry Jacob-Phillips