Federal Bank has issued an equity commitment letter to invest Rs 300 crore in YES Bank for subscription of 30 crore equity shares at a price of Rs 10 each. This equity commitment is pursuant to the scheme of reconstruction of Yes Bank proposed by the Reserve Bank of India and subject to regulatory approvals and other conditions as set out in the letter.
Federal Bank is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than thousand branches and ATMs spread across different States in India. It offers personal, corporate, NRI, SME banking, online banking services to its customers.