Housing Development Finance Corporation (HDFC) has received approval from its Board of Director for entering into an equity commitment letter agreement in relation to investment in YES Bank. This investment is likely to result in HDFC’s holding in excess of 5% shareholding in YES Bank, with the final shareholding to be determined based on the final scheme of reconstruction and share issuance.
The company is investing in 100 crore equity shares of Rs 2 each of Yes Bank for a consideration of Rs 10 per share (including Rs 8 premium) for an aggregate consideration of Rs 1000 crore. The investment would be completed by March 31, 2020.
HDFC offers a whole gamut of products like loans to individuals, loans to corporates, construction finance, and lease rental discounting.
