(Photo: Reuters)
(Photo: Reuters)

Yes Bank to raise funds up to 10,000 cr via equity, debt; rejects $1.2 bn offer

  • Yes Bank board says no to Erwin Singh Braich's $1.2 billion offer
  • Citax Holdings' $500 million offer to be discussed at subsequent meetings

New Delhi: The Yes Bank board on Friday decided to raise funds up to 10,000 crore, in one or more tranches, through QIP, GDR, ADR, FCCB or any other methods on private placement basis.

The bank also said it would not proceed with a $1.2 billion offer from Canadian investor Erwin Singh Braich and SPGP Holdings announced earlier.

Citax Holdings' $500 million offer to be discussed at subsequent meetings.

Earlier on Friday, shares of Yes Bank tumbled over 5 per cent after the company's Independent Director Uttam Prakash Agarwal resigned citing "serious concerns" on "deteriorating practices" and the state of affairs at the private sector lender.

The scrip plunged 5.29 per cent to close at 44.80 on the BSE. During the day, it dropped 7.18 per cent to 43.90.

On the National Stock Exchange (NSE), it dived 4.96 per cent to close at 44.95.

The stock was the worst hit among the Nifty-50 components.

"I hereby tender my resignation from the office of the independent director of Yes Bank as also chairman of audit committee and member of all other committees of the board with immediate effect," Agarwal said in his resignation letter addressed to Non-Executive Part-Time Chairman Brahm Dutt.

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