YES Bank board on its meeting held yesterday given it nod to raise nearly $2 billion. The bank would raise nearly more than half of it or $1.2 billion in a share sale with a Canadian billionaire Erwin Singh. The rest will be bought by private equity investors including Citax Holdings Ltd & Citax Investment Group which will invest $500 million. The bank said it will also get $120 million from a top tier US fund house whose name it will disclose early next week.
Among the Indian investors are GMR Group with $50 million, Aditya Birla Family Office $25 million & Rekha Jhunjhunwala with $25 million.
The plan is subject to regulatory approvals. The bank’s board will meet again on December 10 to finalise & approve the details of the preferential allotment and convene an extra-ordinary general meeting subsequently, to obtain the approval of the shareholders.
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