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Yes Bank gets $1.2 bn binding offer from a global investor for a stake sale

The Mumbai-based lender jumped 24% at the 3:30 p.m. close in Mumbai on Thursday following the announcement

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Suvashree Ghosh | Bloomberg
Yes Bank Ltd. said it got a $1.2 billion binding offer from a global investor for a stake sale, resulting in a rally that helped make it the world’s best performing bank share this month.

The Mumbai-based lender jumped 24% at the 3:30 p.m. close in Mumbai on Thursday following the announcement. The company didn’t name the investor in its exchange filing, though CNBC-TV18 said it was Hong Kong-based SPGP Holdings. The report didn’t cite anyone.

Yes Bank has been foundering since last year, culminating in the departure of co-founder Rana Kapoor, who was forced out by India’s central bank amid a
Topics : YES Bank

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First Published: Oct 31 2019 | 5:21 PM IST

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