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Yes Bank Defers Decision On Allotment Of Shares To Citax; Braich's Bid Under Discussion


The board of Yes Bank today said that it is keen on considering offer worth $500 million of Citax Holdings and Citax Investment Group. And the private sector lender in its release to the exchanges following the board meet said the decision concerning the allotment of shares to the group will be taken in the next board meet.

Yes Bank Defers Decision On Allotment Of Shares To Citax

Further, the bank reiterated that the $1.2 billion binding bid of Canada-based Erwin Singh Braich and SPGP Holdings remains under consideration, with no clarity on whether or not the offer will be approved. Reports suggested that the bank may likely decline $1.2 billion offer from Canada-based Braich's and instead prefer institutional investors.

It has come to the fore that Braich is allegedly engaged in several legal suits with family members and creditors.

Additionally, the notice pointed out that the bank will continue the process of evaluating other prospective investors, for its capital raising target of up to $2 billion.

Read more about: yes bank capital raising
Story first published: Tuesday, December 10, 2019, 22:13 [IST]
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