Left Menu
Development News Edition

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.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Beware! Maximum cyber criminals eye your personal data

A report of the World Economic Forum revealed that cyber security is increasingly becoming an issue of public security as the majority of cyber criminals are increasingly targetting individual internet users. This requires preventive measur...

WEF 2020: Trump seems politically correct in pulling out from Paris Agreement

If the survey of the World Economic Forum WEF is believed, Trump seems to enjoy the confidence of his people in flaying climate intuitions and climate activists. His preference for economic development over environmental protection not only...

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...

Videos

Latest News

ASAT from Mission Shakti, ADTCR to be on display during Republic Day parade

The Anti-Satellite ASAT missile from Mission Shakti and Air Defence Tactical Control Radar ADTCR will be on display during the 71st Republic Day celebrations at Rajpath on Sunday, Defence Research and Development Organisation DRDO has annou...

Dodgers fans to target Astros ... at Angels home opener

The Los Angeles Angels will represent the entire L.A. basin on the night of their home opener, inviting a vocal Los Angeles Dodgers fan group to the first home game of the regular season, the Los Angeles Times reported. Why extend such an i...

Heavy rains dampen fires in Australia's Queensland state, cause flooding

Australias bushfire-stricken state of Queensland saw heavy rainfalls on Sunday dampening some of the fires that have razed 2.5 million hectares 1.2 million acres of land since September, but the wet weather caused major flooding. Some areas...

Philippines lowers volcano danger level

Philippine volcanologists on Sunday lowered the alert status of a volcano near the Philippine capital to 3 from 4 to indicate a decreased tendency towards hazardous explosive eruption. Authorities also narrowed the exclusion zone around the...

Give Feedback