YES Bank gets a binding offer for $1.2 billion, stock soars

NEW DELHI: Private sector lender YES Bank on Thursday said it received a binding offer for a stake purchase in the bank from a global investor.“The bank would like to inform that it has now received a binding offer from a global investor for an investment of $1.2 billion in the bank through fresh issuance of equity shares,” it said in a release. According to a CNBC TV18 report, Hong Kong-based SPGP Holdings showed interest in investing around $1.2 billion in the bank. The bank added it continues to be in advanced discussions with other global and domestic investors. The board is likely to consider the offer along with other proposals as well as results on November 1. The shares of the bank surged 34.95 per cent to 76.65 on BSE.YES now recovered more than 150 per cent from its 52-week low of Rs 29.05, hit on October 1.As much as 4.50 per cent of equity worth Rs 700 crore traded in multiple block deals on the NSE and BSE, according to reports.YES Bank has been trying to raise capital to fight off the liquidity issues. In an earlier release, it had said it 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 early October, a media report had claimed that Microsoft was among three investors, which were in talks for a stake in YES Bank. However, the bank had denied the reports.ET had also reported in the first week of October that private Equity funds TPG, The Carlyle Group and Farallon Capital were also looking to buy a stake in the company.

from Economic Times https://ift.tt/32ZUTW0