India's ICICI Bank to invest up to $135 million in crisis-hit Yes Bank

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