It was an unprecedented weekend, filled with many disappointments, for investors of YES Bank.
As the first blow to shareholders, both retail and institutional, the reconstruction scheme has imposed a three-year lock-in for 75 per cent of shares held by all those with more than 100 shares.
The second blow crushed the hopes of additional tier-1 (AT-1) bondholders, whose exposure to YES Bank was Rs 8,415 crore. The bank’s administrator indicated these instruments had been fully written down and were extinguished.
The bondholders were confident these would be converted into.....