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YES Bank Ltd gets investment proposals for $2 billion

Posted On: 2019-11-30 12:32:34

The Board of Directors of YES Bank Ltd, at its meeting on November 29, 2019, 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 USD 2.0 Billion which shall be undertaken on a preferential allotment basis.

Institutional Investors:

Top Tier US Fund House (Name disclosure early next week) - $120 Mn
Discovery Capital - $50 Mn
Ward Ferry - $30 Mn

Family Offices

Aditya Birla Family Office - $25 Mn
Citax Holdings Ltd & Citax Investment Group - $500 Mn
GMR Group and Associates - $50 Mn
Erwin Singh Braich / SPGP Holdings (Discussions with Investor ongoing and expected to be concluded shortly, In the meantime the Binding Term Sheet extended till December 31, 2019) - $1200 Mn
Rekha Jhunjhunwala - $25 Mn

In light of the above, the Board of Directors has taken a decision to raise upto USD 2 Billion through preferential allotment at a price in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 [Higher of 2 weeks or 26 weeks average price]. None of the Investors will be allotted equity shares such that their holding exceeds 25% of the share capital of the Bank.

The Board of Directors shall reconvene on December 10, 2019 to finalize and approve the details of the preferential allotment and convene an extra-ordinary general meeting subsequently, to obtain the approval of the shareholders. Such preferential allotment shall be subject to receipt of all regulatory and statutory approvals, as may be applicable.

Shares of YES BANK LTD. was last trading in BSE at Rs.68.3 as compared to the previous close of Rs. 70.05. The total number of shares traded during the day was 34095082 in over 104809 trades.

The stock hit an intraday high of Rs. 74.1 and intraday low of 67.6. The net turnover during the day was Rs. 2413451217.


Source: Equity Bulls

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