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Yes Bank rallies over 7% on receiving bids from several investors

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Yes Bank rallies over 7% on receiving bids from several investors

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The bank said that it received non-binding expressions from four investors namely JC Flowers & Co. LLC; Tilden Park Capital Management LP; OHA (UK) LLP (part of Oak Hill Advisors) and Silver Point Capital.

Yes Bank rallies over 7% on receiving bids from several investors
Shares of private lender Yes Bank surged over 7 percent in the early trade on Thursday after it received non-binding expressions of interest (EOI) from several prominent investors.
The scrip touched an intraday high of Rs 37.90 after adding 7.67 percent from the previous close of Rs 35.20 on the BSE. At 1:05 pm, shares were trading 6.96 percent higher at Rs 37.65 on the BSE.
On Wednesday, the bank said that it received non-binding expressions from four investors namely JC Flowers & Co. LLC; Tilden Park Capital Management LP; OHA (UK) LLP (part of Oak Hill Advisors) and Silver Point Capital.
"The bank and its financial advisors are currently in discussions with these investors on the commercial terms, including pricing, of their investments which, it may be noted, will be subject to certain conditions and receipt of requisite approvals, including regulatory approvals with respect to the size of the stake to be acquired, as well as necessary dispensations with regard to applicable pricing guidelines," Yes Bank said in a regulatory filing.
Earlier this month, Yes Bank managed to get shareholder approval to hike authorised share cap to Rs 1,100 crore from Rs 800 crore. Shareholders have also approved raising up to Rs 10,000 crore via equity share issuance and/or convertible securities.
Last year, chief executive officer Ravneet Gill had said the bank was aiming to finish a $1.2-billion equity-raising exercise by December 2019 and willing to give new investors a board seat. Earlier in August, it had raised Rs 1,930.46 crore through qualified institutional placement (QIP) to fund its business expansion.
Meanwhile, Yes Bank also said the financial results for the third quarter ended December 2019 will be delayed and are expected by mid-March as the management is "deeply engaged" in fundraising exercise.
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