Kotak Mahindra Bank is going to infuse equity capital of Rs 500 crore into Yes Bank under the RBI's bailout plan for the crisis-hit lender.
The Bank has issued an equity commitment letter to invest Rs 500 crore (the 'equity commitment') in Yes Bank for subscription of 50 crore equity shares of Yes Bank at a price of Rs 10 per equity share.
The commitment is pursuant to the scheme of reconstruction of Yes Bank proposed by the Reserve Bank of India (RBI) under Section 45 of the Banking Regulation Act, 1949, and is subject to regulatory approvals and other conditions.
Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.
