Yes Bank gets USD 1.2-bn binding offer from global investor

Private sector Yes Bank on Thursday said it has received a binding offer for a USD 1.2-billion (approximately 8,500 crore) funding from an overseas investor through fresh issuance of equity shares.

The fund raise is subject to regulatory approvals and bank's board and shareholders approvals, it said in a regulatory filing.

"The bank also continues to be in advanced discussions with other global and domestic investors," it said.

Last month, the bank had informed stock exchanges that it had received strong interest from multiple foreign as well as domestic private equity and strategic investors for the capital raise and remains firmly on course to raising growth capital subject to necessary approvals.

"The bank would like to inform that it has now received a binding offer from a global investor for an investment of USD 1.2 billion in the bank through fresh issuance of equity shares," it said on Thursday.

The troubled private sector lender had said that it was looking for capital either from a private equity investor or a strategic investor or family office.

Earlier in August, the bank had raised Rs 1,930.46 crore through qualified institutional placement to fund its business expansion.

Stock of Yes Bank shot up by 22.62 per cent on BSE to Rs 69.65.