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Last Updated : Dec 10, 2019 05:12 PM IST | Source: Moneycontrol.com

Yes Bank board meet: Erwin Singh's $1.2 bn bid under discussion, favourably considering Citax Holdings offer

A release to the exchanges noted that it shall continue to evaluate other potential investors to raise capital up to $2 billion.

 
 
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The board of Yes Bank December 10 said it is willing to favourably consider the $500 million offer of Citax Holdings and Citax Investment Group.

In a notice to the exchanges following its board meeting, Yes Bank said it will decide on the allotment of shares to the Citax group at its next board meeting.

The bank said the binding offer of $1.2 billion submitted by Erwin Singh Braich / SPGP Holdings continues to be under discussion.

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The release also noted that it shall continue to evaluate other potential investors to raise capital up to $2 billion.

Also read | Yes Bank bidder Erwin Singh Braich has a history of bankruptcy, questionable business deals: Report

There have been reports suggesting Yes Bank would reject Canadian industrialist Erwin Singh Braich's $1.2 billion bid in favour of institutional investors.

The offer from Braich and Hong Kong-based SPGP Holdings had been expected to make up a bulk of Yes Bank's $2 billion fundraising plans but was clouded by concerns over certain foreign bidders being disallowed to acquire a stake in the bank by the Reserve Bank of India (RBI).

It has also emerged that Braich is allegedly involved in numerous lawsuits with creditors and family members.

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First Published on Dec 10, 2019 05:09 pm
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