On Tuesday, Yes Bank said that private equity giants Carlyle Group and Advent had acquired a 9.99% stake in the bank.

Together, the two private equity (PE) funds will inject approximately Rs 8,896 crore into Yes Bank and convert the warrants into equity in full.

The bank has allotted a total of 369.61 crore shares of Rs 2 each and 255.97 share warrants convertible into equity of Rs 2 each to Carlyle Group entities CA Basque Investments and Verventa Holdings Limited Advent Group entities, Yes Bank said in a regulatory filing.

Based on the share allocation, the total issued and paid-up share capital of Yes Bank has increased from Rs 5,011.31 to Rs 5,750.54.

CA Basque Investments was allotted 184.80 shares with a face value of Rs 2 each at an issue price of Rs 13.78. It has the right to issue 127.98 share warrants and has been allotted one equity share with a face value of Rs 2 for each warrant at Rs 14.82.

Verventa Holdings Limited was allotted 184.80 equity shares with a face value of Rs 2 each at an issue price of Rs 13.78. 127.98 share warrants, having the right to exercise, have been issued, and one equity share with a face value of Rs 2 each has been allotted at Rs 14.82.

For equity, two private equity firms paid Rs 2,546.65 crore each. They paid Rs 1,896.78 crore for the warrants, out of which Rs 474.19 crore (25%) was prepaid on distribution.

Yes bank said the balance of 75% of the price of each warrant would be paid to the bank upon the exercise of the options attached to the relevant warrant at the time of issue and rights issue.

In 2020, Yes Bank had to be bailed out by other lenders in a scheme led by the Reserve Bank of India after alleged misconduct by its founders caused many loans to go wrong.

The investment by the private equity fund will be one of the largest in banking in recent memory. The bank’s announcement follows progress in its plan to deposit nearly Rs 50,000 crore of bad loans into a newly formed asset restructuring company in partnership with JC Flowers.