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Yes Bank gains 7% on fresh initial bids from four investors

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NEW DELHI :
Shares of Yes Bank Limited rose 7% on Thursday after the private sector lender said it has received non-binding expressions of interest (EoI) from four “prominent” investors.

At 1109 am, shares of Yes Bank Limited were 6% higher at 37.30 apiece on BSE, while the benchmark Sensex was down 0.27% at 41,455.42 points.

The lender said that it along with its financial advisors are currently in discussions with these investors on the commercial terms, including pricing.

“…we wish to disclose that we have received non-binding expressions of interest (EOIs) from several prominent investors. These include J.C. Flowers & Co. LLC; Tilden Park Capital Management LP; OHA (UK) LLP (part of Oak Hill Advisors); Silver Point Capital,” the bank said in a regulatory filing.

The capital raising process will lead to a delay in publishing its December quarter financial results to on or before 14 March, the lender added.

India Ratings (Ind-Ra) on Wednesday downgraded Yes Bank to ‘A-negative’ while maintaining it on rating watch negative.

“The downgrade reflects the continued delay and inconclusive quantum of the anticipated equity infusion in Yes Bank. Ind-Ra believes this could adversely impact the bank’s franchise and potentially create challenges on asset and liability side. The agency notes that the bank has sizable foreign currency liabilities and institutional deposits,” the ratings agency said.

In its extraordinary general meeting on 7 February, Yes Bank received shareholders’ nod to raise 10,000 crore via a combination of equity and debt. Shareholders also approved increasing the authorized share capital of the bank to 1,100 crore from 800 crore.

The private sector lender is desperately scouting for capital to stay compliant with Reserve Bank of India’s capital norms. There has been a consistent delay in bank’s capital raising plan and uncertainty regarding its quantum.

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