Yes Bank Gets $2 Billion Pledge From Little-Known Investors

Yes Bank Ltd., an Indian lender caught in the country’s deepening shadow banking crisis, boosted its target for a capital raising to $2 billion after receiving commitments from new investors, Bloomberg News reported. The nation’s fourth-largest private lender said its board signed off on the capital increase, which is higher than the previous figure of $1.2 billion, at a meeting on Friday. Investors including Canada’s Erwin Singh Braich, SPGP Holdings and Citax Holdings Ltd. “individually expressed their agreement/willingness to subscribe to equity shares,” according to a stock exchange filing. The board will meet again on Dec. 10 to approve a preferential allotment of shares to investors, none of which will receive more than a 25% stake in the bank. Read more

Location