The Union Cabinet yesterday approved the ‘Yes Bank Reconstruction Scheme 2020’. Under the approved scheme, SBI will now take a 49% equity stake in the bank for which its board has already approved an investment of Rs.7250 crores. The government has further approved an investment of Rs.1000 crores each by ICICI Bank and HDFC, Rs. 600 crores by Axis Bank and Rs.500 crores by Kotak Mahindra Bank, adding to an initial fresh capital infusion of Rs.10350 crores. All these investors, are picking up a stake in Yes Bank at Rs.10 per share, as against its present market price of about Rs.25. With new owners coming on board, there will be a change in management too. In this episode of the Business Tit-Bits, our Business Editor Mr Akhilesh Bhargava shares his take on the matteṛ #YesBank #SBI #AxisBank
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