Home Private Equity India’s Yes Bank to raise $1.1 bln via stake sale to U.S....

India’s Yes Bank to raise $1.1 bln via stake sale to U.S. private equity firms

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People wait outside a Yes Bank branch to withdraw their money in Ahmedabad, India, March 6, 2020. REUTERS/Amit Dave

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July 29 (Reuters) – India’s Yes Bank Ltd (YESB.NS) said on Friday it will sell up to 10% stake to U.S. private equity firms Carlyle Group Inc (CG.O) and Advent International for $1.1 billion.

Yes Bank will raise the funds through a combination of about $640 million in shares and about $475 million in share warrants, the private lender said in a statement.

Yes Bank will offer 3.69 billion shares to affiliates of Carlyle Group and Advent for 13.78 Indian rupees ($0.1737) apiece.

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The company will also issue 2.56 billion share warrants at a price of 14.82 Indian rupees ($0.1868) per warrant to both the investors.

Earlier this month, Yes Bank said it would seek to raise about $1 billion in this financial year as it exits a reconstruction plan after two years.

The company also selected an asset reconstruction firm belonging to private equity firm JC Flowers as the base bidder for the sale of bad loans worth 480 billion Indian rupees ($6.05 billion) read more

($1 = 79.3360 Indian rupees)

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Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Arun Koyyur

Our Standards: The Thomson Reuters Trust Principles.

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