March 6, 2020 / 11:51 AM / a month ago

BRIEF-India Cenbank Announces Scheme Of Reconstruction For Yes Bank Ltd

March 6 (Reuters) - Reserve Bank of India:

* RBI ANNOUNCES SCHEME OF RECONSTRUCTION FOR YES BANK LTD

* SAYS AUTHORISED CAPITAL OF YES BANK LTD SHALL STAND ALTERED TO 50 BILLION RUPEES

* SAYS INVESTOR BANK TO AGREE TO INVEST IN YES BANK SUCH THAT POST INFUSION IT HOLDS 49% SHAREHOLDING IN BANK

* SAYS AS PER YES BANK RECONSTRUCTION SCHEME DRAFT, YES BANK’S NUMBER OF EQUITY SHARES WILL STAND ALTERED TO 24 BILLION OF RUPEES 2 EACH

* SAYS STATE BANK OF INDIA HAS EXPRESSED WILLINGNESS TO MAKE INVESTMENT IN YES BANK AND PARTICIPATE IN ITS RECONSTRUCTION SCHEME

* SAYS INVESTOR BANK SHALL NOT REDUCE ITS HOLDING IN YES BANK BELOW 26% BEFORE COMPLETION OF 3 YEARS

* SAYS SBI SHALL AGREE TO INVEST IN EQUITY OF YES BANK AT NOT LESS THAN 10 RUPEES PER SHARE

* SAYS INSTRUMENTS QUALIFYING AS ADDITIONAL TIER 1 CAPITAL, ISSUED BY YES BANK UNDER BASEL III FRAMEWORK, SHALL STAND WRITTEN DOWN PERMANENTLY

* SAYS ALL EMPLOYEES OF YES BANK SHALL CONTINUE IN SERVICE WITH SAME REMUNERATION AND ON SAME TERMS AND CONDITIONS OF SERVICE

* SAYS OFFICES AND BRANCHES OF YES BANK SHALL CONTINUE TO FUNCTION IN SAME MANNER AND AT THE SAME PLACES THEY WERE FUNCTIONING

* SAYS SBI TO AGREE TO INVEST IN EQUITY OF YES BANK SUCH THAT POST INFUSION IT HOLDS 49% STAKE AT PRICE NOT LESS THAN 10 RUPEES AND PREMIUM OF 8 RUPEES

* SAYS SBI SHALL HAVE TWO NOMINEE DIRECTORS APPOINTED ON BOARD OF YES BANK

* SAYS NO ACCOUNTHOLDER SHALL BE ENTITLED TO GET COMPENSATION FROM YES BANK DUE TO CHANGES OCCURRED IN YES BANK BY VIRTUE OF SCHEME Source text here Further company coverage:

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