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YES Bank slips 15% on lack of clarity over fundraising plans

Ravneet Gill, CEO & MD, YES Bank said that if bank is unable to raise $2 billion then they will have moderate growth going ahead.

ETMarkets.com|
Updated: Dec 11, 2019, 03.45 PM IST
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Yes Bank
“Fundraising plan very much on track. We have a plan B and C in place,” he said.
Shares of YES Bank cracked over 14 per cent in Wednesday's session as doubts still loomed over the lender's fundraising plans.

YES Bank said that $1.2 billion investment by Canadian investor Erwin Singh Braich was still under consideration. A binding offer to buy shares by Braich and Hong Kong-based SPGP Holdings, which he backs, is still under discussion, it said.

Moreover, the board is also willing to favourably consider a $500 million offer from Citax Holdings and Citax Investment, it said. Other investors who had shown an interest in YES Bank include Discovery Capital and Aditya Birla Family Office.

The bank said it is still firming up plans to raise $2 billion from investors in a bid to shore up its capital base as bad loans mount.

In an exclusive interaction with ETNow, Ravneet Gill, CEO & MD, YES Bank said that if bank is unable to raise $2 billion then they will have moderate growth going ahead.

“Fundraising plan very much on track. We have a plan B and C in place,” he said.

YES Bank’s board will hold next meet before 2019-end. The agenda of the next board meeting is to get much more clarity on the overall fundraise size, Gill added.

The shares of the company closed 15.33 per cent lower at Rs 42.80 on BSE.

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