YES Bank has, it told the stock exchanges, convened an extraordinary general meeting of its shareholders on February 7 on fund raising for Rs 10,000 crore, and to authorise an expansion in its authorised capital from Rs 800 crore now to Rs 1,100 crore.
Last week, it notified the exchanges that its board of directors had approved the raising of funds up to Rs 10,000 crore in one or more tranches, through Qualified Institutional Placement, Global Depository Receipts, American Depository Receipts, Foreign Currency Convertible Bonds or any other method on a private placement basis.
Earlier, it was in talks with several investors in this regard but after months of uncertainty, scaled down the fund raising plan substantially. There had been offers from Erwin Singh Braich, Citax Holdings and Citax Investment Group. Braich updated its offer but the bank decided not to proceed with this. Citax’s offer will be taken up later, as “relevant conditions precedent could not be completed”.
Source: Business Standard
