Mumbai, March 8 (SocialNews.XYZ) Indiabulls Housing Finance here on Sunday said crisis-hit Yes Bank owed it Rs 662 crore through additional tier 1 (AT-1) bonds.
"Yes Bank owes to Indiabulls Housing Finance Rs 662 cr via AT-1 bonds. The investment in AT-1 bonds of Yes Bank were made in 2017 as a part of its treasury management of over Rs 20,000 crore of cash and when the bank was worth over $10 billion in value," Indiabulls Housing Finance said in a regulatory filing.
The housing finance company, however, said it had no term-loan outstanding from the Yes Bank.
Sameer Gehlaut, promoter of Indiabulls Housing Finance, or any of his companies or any of his family member companies had no loans outstanding from Yes Bank, it added.
The Reserve Bank of India (RBI) on Friday came up with a revival scheme for Yes Bank. As per the plan, the State Bank of India (SBI) will acquire a 49 per cent stake in the reconstructed Yes Bank by acquiring 245 crore shares for Rs 2,450 crore.
The plan also involves wiping out about Rs 8,700 crore invested by in AT-1 bonds.
"The instruments qualifying as AT-1 capital, issued by Yes Bank under Basel III framework, shall stand written down permanently, in full, with effect from the appointed date. This is in conformity with the extant regulations issued by RBI based on the Basel framework," said the RBI's draft reconstruction scheme.
Source: IANS
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