Supreme Court Upholds Bombay HC Ruling on Yes Bank AT1 Bonds

Yes Bank Ltd announced that the Hon'ble Supreme Court of India has upheld the Bombay High Court's judgment dated January 20, 2023, dismissing appeals filed by the Bank, RBI, and Union of India. The Supreme Court's decision relates to the write-down of Additional Tier-1 (AT1) Bonds aggregating to ₹8,415 crore, which occurred in March 2020 during the bank's reconstruction. The court ruled that the appeals challenging the setting aside of the AT1 Bonds write-down are dismissed, and interim orders are vacated. The payment of annual coupon rates will remain unaffected as per the Information Memoranda. The bank is currently reviewing the judgment and its implications, including a pro-forma impact on its CET1 Ratio, which is expected to decrease by approximately 250 basis points as of June 30, 2026, while the Tier1 Ratio is expected to remain unimpacted at 14.0%. Yes Bank respects the judgment and is evaluating all available legal options.