Family offices throng Yes Bank fund-raiser

Ravneet Gill

Ravneet Gill

Other investors include a top tier United States fund house-which the bank is yet to reveal-will bring in $120 million, Discovery Capital $50 million and Ward Ferry will invest $30 million, according to Yes Bank. Its name will be disclosed early next week.

Of the eight investors, the family office of Canadian industrialist Erwin Singh Braich and the Hong-Kong based SPGP Holdings, which is backed by Braich, has sought to purchase equity shares worth $1.2 billion.

The discovery did not immediately respond to a request for comment, while Aditya Birla Family Office and Citax not immediately be reached.

The board of directors shall reconvene on December 10 to finalise and approve the details of the preferential allotment. The bank said it expected those talks to close shortly. "In the meantime, the Binding Term Sheet extended till 31 December, 2019".

Such preferential allotment shall be subject to receipt of all regulatory and statutory approvals, as may be applicable, the bank said. Braich is the founder of the Braich Group of Companies and Trusts.

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Meanwhile, other investors who will infuse funds in the banks are Aditya Birla family office that has shown interest in buying shares worth $25 million, Rekha Jhunjhunwala ($25 million), GMR group and associates ($50 million) and Citax Holdings Ltd. & Citax Investment Group ($500 million).

None of the investors will be allotted equity shares such that their holding exceeds 25% of the share capital of the bank.

The plan, announced Friday, will see the country's fifth largest private bank with assets of trying to sell new shares worth nearly market capitalization of $ 2.4 billion at the close of trade on Friday. The approval of the Reserve Bank of India is needed to buy a stake of more than 5 per cent in domestic banks.

The rules laid out by the central bank caps investment by a single non-financial entity in a private bank at 10 per cent and 15 per cent for financial firms.

Yes Bank is in dire need of fresh equity infusion to not only support its credit growth but also to maintain capital adequacy requirements amid rising bad loans. The lender's core equity capital is 8.7%, barely above the regulatory minimum of about 8%. These shares, were held by Reliance Project Ventures and Management.

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