Business Standard

Yes Bank gets binding offer of $1.2 billion, stock zooms by 30 pc


Private sector lender Yes Bank said on Thursday that it has received a 1.2 billion dollar (about Rs 8,520 crore) binding offer for a stake purchase from a global investor, adding it is in advanced talks with other investors.
"The bank would like to inform that it has received a binding offer from a global investor for an investment of 1.2 billion dollars in the bank through fresh issuance of equity shares," it said in a statement. "The bank also continues to be in advanced discussions with other global and domestic investors."
At 2:25 pm, Yes Bank was trading 30.72 per cent higher at Rs 74.25 per share.
On September 25, Yes Bank said it has 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.
Hong Kong-based SPGP Holdings has reportedly shown interest in investing about 1.2 billion dollars in the bank which ranks as India's fourth-largest in private sector with presence across all 28 states and 9 union territories.
The board is likely to consider the offer along with other proposals as well as results on November 1. Approval from the Reserve Bank of India (RBI) is required for majority stake sale in the bank via capital infusion.
Yes Bank has been trying to raise capital to get over its liquidity issues. Earlier this month, reports said that Microsoft was among three investors in talks for a stake in the bank besides private equity funds TPG, the Carlyle Group and Farallon Capital.
However, the bank had denied the reports.

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 31 2019 | 2:39 PM IST

Explore News