Canadian industrialist and philanthropist Erwin Singh Braich, founder of The Braich Group of Companies and Trusts, has made a $1.2 billion bid for Yes Bank, according to a report by ET Now quoting sources.
Moneycontrol could not independently verify the report.
However, early indications from the Reserve Bank of India seem unfavourable for Braich's bid. Sources said the central bank will not make an exception to allow an individual to have over 15 percent voting right.
Institutional investors like HDFC MF have also reportedly bid for the private lender.
Earlier this month, Yes Bank CEO Ravneet Gill told CNBC-TV18 in an exclusive interview that the bank had received bids worth $3 billion from eight investors.
On September 25, 2019, Yes Bank announced its capital raising plans and said it has received "strong interest" from multiple foreign as well as domestic private equity and strategic investors for the capital raise.
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