YES Bank board has rejected $1.2 billion offer by Erwin Singh Braich and SPGP Holdings.
Latest News : Shares of YES Bank slipped 8 per cent to Rs 41.20 on the BSE on Monday in the early morning deals after the private sector lender scaled down its fundraising plan substantially to Rs 10,000 crore, from nearly $2 billion approved by the board in November, as it continued with its struggle to get investors. The stock ended 5 per cent lower at Rs 44.80 on Friday.
YES Bank board has rejected $1.2 billion offer by Erwin Singh Braich and SPGP Holdings. At the same time, the bank’s board has approved fund raising of up to Rs 10,000 crore.
“The Bank has received an updated proposal from the investor extending the validity of its offer until January 31, 2020 for the Bank’s consideration and further evaluation. However, the Board has decided not to proceed with the offer,” YES Bank said in an exchange filing on Friday after market hours.
Meanwhile, the board has approved for raising of funds upto Rs 10,000 crore, in one or more tranches, on such terms and conditions as it may deem fit, by way of issuance of securities including but not limited through Qualified institutional placement (QIP)/ Global Depository Receipts (GDRs)/ American Depository Receipts (ADRs)/ Foreign Currency Convertible Bonds (FCCBs)/ or any other methods on private placement basis.
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