Yes Bank has received bids worth $3 bn, confirms CEO Ravneet Gill

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Yes Bank has received bids worth $3 billion from eight investors, CEO Ravneet Gill told CNBC-TV18 in an exclusive interview.

Gill further said, apart from bids worth $3 billion, various investors and family offices are interest in the bank.

Last week, Yes Bank said it had received a binding bid worth $1.2 billion from a global investor. Sources told CNBC-TV18 this bid is from SP Global Holdings but the two companies did not comment.

Also read: Yes Bank asset quality worsens in Q2; what should investors do?

Gill told CNBC-TV18 the bank may look at raising more than $1.2 billion.

Without divulging details about the $1.2 billion binding bid that Yes Bank received last week, Gill said it was backed by a "large US financial institution." He said, "The bank should be able to announce details of binding bid in a few days."

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.

The bank had said, "It remains firmly on course to raising growth capital subject to necessary approvals."

On November 1, Yes Bank said its net loss for the second quarter ended September 30, 2019 stood at Rs 600.1 crore due to one-time deferred tax asset (DTA) adjustment of Rs 709 crore on account of change in corporate tax rate regime.

Talking about slippages, Gill said, “If you look at slippages like Cox & Kings or CG Power or CCD, these were not ordinary corporate events where the company’s performance went down or the company’s credit profile changed. They were not victims of economic slowdown. I would say they were victims of very unfortunate circumstances. These unfortunate incidents were very difficult to anticipate."

Source: CNBC-TV18