YES Bank board to meet on Friday to consider fundraising

Mumbai: Private lender YES Bank on Tuesday said its board will meet on Friday to consider and approve raising funds by issue of equity or equity linked securities.

The bank, however, did not elaborate on the amount it intends to raise.

On November 3, chief executive Ravneet Gill told reporters that the private sector lender is aiming to finish a $1.2 billion equity raising exercise by December and willing to give new investors a board seat.


The bank, which has claimed that it is in discussions with potential suitors who are willing to pump in up to $3 billion collectively, said it may raise the money either through the North American family office, which has made a binding offer to pump USD 1.2 billion, or through a combination of investors.

"We have to inform the North American family office by the end of November. We will raise USD 1.2 billion by the end of December and it may be either from them or a combination of investors," its Gill was quoted as saying by PTI.