Lawstreet Journal

RBI gives nod to LIC and Tilden Park to invest 9.9% in Yes Bank

Lawstreet Journal 9 Jul 2020 9:54pm

Image courtesy: Lawstreet Journal Business RBI gives nod to LIC and Tilden Park to invest 9.9% in Yes Bank

Tilden Park and LIC have received RBI’s approval to make an investment of 9.9% in the private lender Yes Bank.

The bank was in talks with Tilden Park for a further public offer (FPO).

State Bank of India (SBI), on Wednesday (8th July), said its board approved a maximum investment of up to Rs 1,760 crore in Yes bank's FPO.

According to 2 senior officials involved in the matter directly, additional investment in Yes Bank’s FPO by SBI is to comply with the former’s reconstruction scheme terms with respect to the lead investor’s stake. Initially, an investment of 6050 crores was made in the bank by SBI acquiring over 48% stake, in March 2020.

Bank’s capital raising committee approved the fundraising via FPO on Tuesday (7th July).

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Tagged: Reserve Bank of India  
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