Mumbai: Yes Bank Friday rejected mysterious investor Erwin Singh Braich’s $1.2 billion investment offer but said that it will raise Rs 10,000 crore by issuing securities. The bank Friday also said it will take up Citax Holdings, and Citax Investment Group investment offer in the next board meeting.
The private lender said that it received an updated proposal from Braich but the “board has decided not to proceed with the offer” after postponing a decision on his binding offer of $1.2 billion — 60 per cent of the total capital the bank aimed to raise.
Yes Bank, however, after its 5 hour long board meet Friday, said that it is willing to “favourably consider the offer of $500 Million of CitaxHoldings and Citax Investment Group and the final decision regarding allotment to follow in the next board meeting..” as “the relevant conditions precedent could not be completed as on date”.
In a regulatory filing, Yes Bank said that it will raise funds upto Rs 10,000 crore, in one or more tranches “on such terms and conditions as it may deem fit, by way of issuance of securities including but not limited through Qualified Institutions Placement (QIP) or Global Depository Receipts (GDRs) among other means”.
(IANS)