Indiabulls Housing Finance Says Yes Bank Owes It $90 Million

(Bloomberg) -- Indiabulls Housing Finance Ltd. said Yes Bank Ltd. owes it 6.62 billion rupees ($90 million) through additional tier one bonds.

The investments in Yes Bank were made in 2017 as a part of treasury management of over 200 billion rupees of cash and when the lender was d at over $10 billion, Indiabulls said in a stock exchange statement on Sunday.

The statement comes after the Reserve Bank of India, which has seized control of Yes Bank, announced that investments made through additional tier one capital instruments in the embattled lender would be written down permanently as part of its reconstruction plan.

©2020 Bloomberg L.P.