Among institutional investors, a USA fund house is keen to invest $120 million, while Discovery Capital and Ward Ferry want to bring in $50 million and $30 million, respectively. The name of the fund house will be disclosed early next week. The bulk of this $1.8 billion investment - $1.2 billion - will come from Canadian industrialist Erwin Singh Braich and SPGP Holdings of Hong Kong, which are classified as family offices.
The discovery did not immediately respond to a request for comment, while Aditya Birla Family Office and Citax not immediately be reached.
Yes Bank said that the preferential allotment will be subject to regulatory and statutory approvals.
YES Bank said the discussion with the investor was ongoing and in the meantime the binding termsheet was extended upto December 31.
In a regulatory filing on Thursday, Yes Bank had said that a meeting of the board of directors of the company was scheduled for November 29 "to consider and approve raising of funds by issue of equity/equity-linked securities through permissible modes, subject to necessary shareholders/regulatory approvals, as applicable". Braich is the founder of the Braich Group of Companies and Trusts.
Fragment of Jesus' manger arrives in Bethlehem
Catherine near the Church of the Nativity of Christ, a holy place in the West Bank, where, according to legend, Jesus was born. The rest of what is believed to be left of the manger is kept at the Basilica of Santa Maria Maggiore in Rome .
Orlov, Capitals complete comeback against Lightning in OT
The Lightning also is on a back to back, as they had to face the Capitals on Friday and then host the Hurricanes on Saturday. Sergachev worked his way down to the net and was on the spot for a loose puck to easily deposit 4:28 into the second period.
Composer of Day-O, Jamaica Farewell, dies at 95
Irving Burgie , the writer of the lyrics of the National Anthem, passed away last night in NY . He was best known as the man who helped Belafonte introduce calypso music to the mainstream.
Yes Bank's shares ended at Rs 68.30 on Friday, down by 2.50% from its previous closing.
Aditya Birla Family Office and Rekha Jhunjhunwala, wife of stock market investor Rakesh Jhunjhunwala, have committed $25 million each, the bank said. None of the investors will be allotted equity shares such that their holding exceeds 25% of the bank's share capital. The approval of the Reserve Bank of India is needed to buy a stake of more than 5 per cent in domestic banks. Any non-financial entity can buy up to 10% of a lender, and for a financial entity the cap is 15%. Though the apex bank is generally not keen on allowing a single entity to hold a larger stake in a bank, there are past instances like that of CSB Bank where it allowed Prem Watsa-led Fairfax to gain majority control.
Banking analysts say most of the funds raised by Yes Bank will be used to provide for bad loans.
Recently, the lender offloaded more than 47 lakh shares of Reliance Capital, worth almost ₹8 crore, in three consecutive days of selling.