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Yes Bank gets $2 bn funding proposals

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Private sector lender Yes Bank has received $2 billion worth of investment proposals from institutional investors and family offices.

“The board of directors, at its meeting today, has taken note that the following investors have individually expressed their agreement /willingness to subscribe to equity shares of the bank for an aggregate amount of $2 billion which shall be undertaken on a preferential allotment basis,” the lender said in a communication to the exchanges.

The investors include Erwin Singh Braich ($1.2 billion), Citax Holdings ($500 million), $120 million from an unnamed U.S.-based fund house and Rekha Jhunjunwala ($25 million), Yes Bank said in the communication.

Yes Bank had been scouting for investors for sometime now and the credit rating agencies have warned of a rating downgrade if it failed to raise funds.

Moody’s, while reviewing for downgrade, had said that the bank’s weakening financial position can be somewhat offset by the planned capital raise.

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Printable version | Dec 14, 2019 9:09:41 PM | https://www.thehindu.com/business/yes-bank-gets-2-bn-funding-proposals/article30119232.ece

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