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.
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.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.