YES Bank says ‘no' to Braich offer; will raise ₹10,000 crore via equity, debt

Private sector lender YES Bank has outlined a modified capital-raising plan, where it intends to raise up to ₹10,000 crore through a mixture of equity and debt. Significantly, it has decided not to proceed with the investment proposal of $1.2 billion by Canadian billionaire Erwin Singh Braich and SPGP Holdings, but will examine the $500-million proposal from Citax Holdings at the next board meeting.

“The board, at their meeting, approved raising of funds up to ₹10,000 crore in one or more tranches... by way of issuance of securities, including but not limited through Qualified Institutions Placement, Global Depository Receipts, American Depository Receipts, Foreign Currency Convertible Bonds or any other methods on private placement basis,” it said in a regulatory filing after its board meeting on Friday.