There had been offers from Erwin Singh Braich, Citax Holdings and Citax Investment Group.
Market
News : YES Bank has, it told the stock exchanges, convened an
extraordinary general meeting of its shareholders on February 7 on
fund raising for Rs 10,000 crore, and to authorise an expansion in
its authorised capital from Rs 800 crore now to Rs 1,100 crore.
Last
week, it notified the exchanges that its board of directors had
approved the raising of funds up to Rs 10,000 crore in one or more
tranches, through Qualified Institutional Placement, Global
Depository Receipts, American Depository Receipts, Foreign Currency
Convertible Bonds or any other method on a private placement basis.
Earlier,
it was in talks with several investors in this regard but after
months of uncertainty, scaled down the fund raising plan
substantially. There had been offers from Erwin Singh Braich, Citax
Holdings and Citax Investment Group. Braich updated its offer but the
bank decided not to proceed with this. Citax’s offer will be taken
up later, as “relevant conditions precedent could not be
completed”. The bank’s core equity capital is 8.7 per cent of the
total, against the minimum regulatory requirement of 8 per cent.
Its
shares closed 8.4 per cent down on Tuesday, at Rs 38.55 on the BSE
exchange.
YES
Bank acquires 30% in Reliance Power arm
YES
Bank on Tuesday said it had acquired around 30 per cent stake in a
wholly-owned subsidiary of Reliance Power pursuant to invocation of
pledged shares.
The
bank has acquired 12,73,21,500 equity shares having nominal value of
Rs 10 each per share constituting around 29.97 per cent of the
post-issue paid-up share capital of Rosa Power Supply Company
(RPSCL), a wholly-owned subsidiary of Reliance Power, YES Bank said
in a regulatory filing.
“Shares
have been acquired pursuant to invocation of pledge of shares to
RPSCL subsequent to default/breach of terms of credit facilities
sanctioned by YES Bank to Reliance Power,” it added. Incorporated
in 1994, RPSCL is engaged in the business of power generation. The
plant (1,200 Mw) in Uttar Pradesh, owned by the RPSCL generated 4,341
million units for the year ended March 31. (With PTI inputs)
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