Yes Bank gets binding offer of $1.2 Bn from global investor

Yes Bank on 31 October 2019 informed stock exchanges that it had received a binding offer of $1.2 billion from a global investor. The proposed investment will be done through the issuance of fresh equity shares, subject to regulatory approvals as well as approval from the bank’s board and shareholders.

“The bank received strong interest from multiple foreign and domestic private equity and strategic investors for the capital raise,” Yes Bank said.

Last month, Yes Bank had told stock exchanges that 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.

In August 2019, bank had raised Rs 1930 Cr. through a qualified institutional placement (QIP) at Rs 83.55 per share but the stock kept sliding subsequent to the share placement, mainly on concerns over Yes Bank’s exposure to the Indiabulls Housing Finance.

Yes Bank CEO Gill later clarified that his company was quite comfortable with the exposure to Indiabulls Housing Finance.

Now we are expecting more upward trend in this stock in coming period.

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