Yes Bank would raise the money in a share sale with a Canadian billionaire Erwin Singh Braich who will buy more than half of the banks’ shares for around $1.2 billion. Apart from Braich, eight new investors have evinced interest in buying a fresh stake in Yes Bank. These comprise three institutional investors and five family offices. Meanwhile, other investors who will infuse funds in the banks are Aditya Birla family office that has shown interest in buying shares worth $25 million, Rekha Jhunjhunwala ($25 million), GMR group and associates ($50 million) and Citax Holdings Ltd. & Citax Investment Group ($500 million). The bank further stated that a top tier US fund house will also buy shares worth $120 million. Foreign funds such as Ward Ferry and Discovery Capital will bring in $30 million and $50 million respectively.
Yes Bank to raise nearly $2 billion through preferential share allotment
Date posted: Tuesday 3 December 2019