New Delhi: The board of directors of Yes Bank will meet Friday to consider fund raising through issue of fresh equity. The bank had earlier announced that it had received a binding offer from a global investor for an investment of $ 1.2 billion.
In a regulatory filing, Yes Bank said that a meeting of the board of directors of the company is scheduled on November 29 “to consider and approve raising of funds by issue of equity/equity-linked securities through permissible modes, subject to necessary shareholders/regulatory approvals, as applicable”. The quantum of funds to be raised has not been approved.
The company has earlier indicated that it intends to raise upto $1.2 billion by December and, in the process, give the investors a seat on the company’s board.
In an earlier filing, Yes Bank had said that the bank intends to convene a meeting of its board of directors by end of this month to finalise its capital raise. It has already raised $273 million via the route of QIP in August and announced the binding offer from a global investor of $1.2 billion.
In an investor presentation this month, Yes Bank said it had received multiple other non-binding but strong bids from marquee domestic and global institutional investors and family offices. “The Board is evaluating all bids to ascertain the most optimal capital solution for the Bank,” it said.