AGENCIES /
State Bank of India, SBI, board has given in-principle approval to explore the possibility of picking up 49% stake in Yes Bank. The reconstruction plan, which RBI put out last evening, proposes that SBI acquire a 49 per cent stake in beleaguered Yes Bank at a minimum of Rs 2,450 crore.
Addressing a press conference here today, SBI Chairman Rajnish Kumar said that the bank has received the draft scheme of reconstruction for crisis-hit Yes Bank. Kumar said that SBI legal and investment team is evaluating the plan.
The RBI, which advised the government to place Yes Bank under a one-month moratorium, has also placed the draft restructuring scheme in public domain for comments.
RBI on Friday announced a draft plan that put the authorised capital for the reconstructed bank at ₹5,000 crore with 2,400 crore equity shares of ₹2 each, aggregating to ₹4,800 crore. SBI will have to infuse ₹2,450 crore to pick up 49% stake.
Kumar added that as far as depositors are concerned, there might be some inconvenience but as far as the safety of their money is concerned it is fully safe. He stated that there is a Rs 5 lakh guarantee available for depositors.
He said that there are many potential investors after seeing the draft scheme proposed by RBI and they have approached us and there are some good names as well. He also explained how SBI will infuse capital in Yes Bank as the obligation is to at least invest 26 per cent of the capital required, which can go up to 49 per cent.