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Erwin Singh Braich-SPGP Holdings' USD 1.2 billion binding offer continues to be under discussion, says Yes Bank board after meeting.


Erwin Singh Braich-SPGP Holdings' USD 1.2 billion binding offer continues to be under discussion, says Yes Bank board after meeting.
Image Credit: ANI

The USD 1.2 billion binding offer of Erwin Singh Braich/SPGP Holdings continues to be under consideration of the board of private lender Yes Bank, it said in a filing to stock exchanges.

The bank is willing to favorably consider the offer of USD 500 million investment of Citax Holdings and Citax Investment Group, the bank said on Tuesday.

The board of Yes Bank met on Tuesday to consider the proposals. The board decided that the final decision regarding allotment to Citax Holdings and Citax Investment Group will follow in the next board meeting, subject to requisite regulatory approval, the filing said. "The binding offer of USD 1.2 billion submitted by Erwin Singh Braich/SPGP Holdings continues to be under discussion," it said.

Yes Bank further said that it will continue to evaluate other potential investors to raise capital up to USD 2 billion.

In late November, the lender had given the list of potential investors, including the two named above, who were willing to put money in the bank. Constraints on capital had forced the private sector bank to shrink its book in the September quarter. The bank has been going through a tumult for the last one year since the RBI forced the exit of its promoter and CEO Rana Kapoor in August 2018.

His successor Ravneet Gill was forced to make the capital raise top priority because of doubtful bets taken by the bank under Kapoor.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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