The State Bank of India has agreed to buy shares worth Rs 7250 crore of the cash-strapped Yes Bank. The purchase of the shares will be in accordance with the draft reconstruction scheme put forward by the Reserve Bank of India. SBI will purchase the 725 crore shares of Yes Bank at a price of Rs 10 per share. After the purchase, the shareholding of the State Bank of India (SBI) in Yes Bank will remain under 49% of the paid-up capital.
According to the reconstruction scheme put forwarded by RBI, the shareholding of the strategic investor would be not more than 49% and should not fall below 26% for a minimum period of 3 years from the date of capital infusion.
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