Yes Bank likely to reject Canadian industrialist Braich's $1.2 bn bid: Report

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

Yes Bank board is likely to reject Canadian industrialist Erwin Singh Braich's $1.2 billion bid at its December 10 meeting, according to a report by Bloomberg.

The offer from Braich and Hong Kong-based SPGP Holdings that is backed by him was expected to make up a bulk of Yes Bank's $2 billion fundraising plans.

As per the Bloomberg report, there are concerns over certain foreign bidders being disallowed by the Reserve Bank of India from acquiring stakes in Yes Bank. Braich is reportedly involved in numerous lawsuits with creditors and family members.

Braich, Founder of The Braich Group of Companies and Trusts, had earlier made an offer to buy a stake in Yes Bank for $1.2 billion. However, even at the time, there were indications that the RBI might not be in favor of the bid.

The lender is said to be on the lookout for other institutional investors to bring on board in order to compensate for the shortfall.

Yes Bank's board of directors had earlier this month announced a decision to raise up to $2 billion through the preferential allotment of the company's shares. Eight new investors were said to have expressed an interest in acquiring a fresh stake in the bank, as per a filing with the exchange.