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Munjal And Kothari May Buy 5-10% Stake In Yes Bank; Stock Trades Higher

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As per sources cited in a leading business daily, two of the businessmen namely Sunil Munjal of Hero Group and Hemendra Kothari founder of DSP Group over the fortnight have made discussion with the debt laden lender to buy 5-10% stake each in the private bank Yes Bank.

 

If the deal goes through, the bank in total will receive Rs. 3500 crore.

Munjal And Kothari May Buy 5-10% Stake In Yes Bank; Stock Trades Higher

"As per the discussions, the investment is likely to be done through the family offices of Munjal and Kothari. Both investors are willing to buy up to 10% (each), but the Reserve Bank of India's approval will be crucial," said the first person.

"He (Kothari) may try to buy 10% for ₹1,600 crore. The investment has to be cleared by RBI," said the second person. Munjal may also invest an equal amount for a similar sized stake, the person added.

It is to be noted for a stake purchase of over 5% RBI approval is required.

After he has left the HeroMoto Corp, Munjal has funds which he wants to put into different institutions including the Yes Bank. Most of such deals will be through the company's family office.

 

Other than the two business people, Carlyle Group has also shown interest to invest a sum of up to $400 million in Yes Bank via a fresh equity.

Shares of Yes Bank were last quoting at Rs. 73.35, up Rs. 0.35 or 0.48% while it made an intra-day high of Rs. 75.35.

GoodReturns.in

Read more about: yes bank stake purchase rbi
Story first published: Wednesday, November 13, 2019, 10:30 [IST]
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