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September 27, 2020
KhabriBaba
Business

Eight Investors showed 2 billion investment Interest in Yes Bank

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  • Canadian industrialist Arvind Singh Brecht is keen to invest the most at 8600 crores
  • Yes Bank, struggling with a cash crunch, gave investors information after a 12-hour board meeting

Yes Bank said on Friday that eight investors have shown interest in investing $2 billion (Rs 14,348 crore). These include Canadian industrialist Arvind Singh Brecht, Aditya Birla Family Office and Rekha Jhunjhunwala, wife of famous investor Rakesh Jhunjhunwala. Brecht is the most willing to invest $1.2 billion. The bank’s board will meet again on December 10 on this issue.

The shareholding of any investor shall not exceed 25%

The bank said that among the interested investors, one of the leading fund houses in the US, wants to invest $ 1.2 million. They will reveal his name next week. Yes Bank has clarified that the shareholding of any investor will not exceed 25%. They will issue shares at an average price of 2 weeks or 26 weeks of the share price. They decided to raise capital in a meeting that lasted for about 12 hours. The board meeting of Yes Bank took place on Friday.

YES Bank, which is facing cash shortage, incurred a loss of Rs 629 crore in the July-September quarter. The bank has been struggling for the last year. The RBI last year reduced the tenure of former bank CEO and promoter Rana Kapoor. Raising capital as CEO in March this year has been a priority for Ravneet Gill.

Yes Bank’s share price was Rs 400 in August 2018, closing at Rs 68.50 on NSE on Friday. It had fallen to 32 rupees last month. The bank has a market cap of Rs 17,419.73 crore. Promoter shareholding declined to 13.05% in September. It was 19.80% in March.

Also Read: GDP GROWTH RATE WAS 4.5% IN JULY-SEPTEMBER, LOWEST IN LAST 6 YEARS

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