New Delhi: YES Bank has called an extraordinary general meeting (EGM) on Friday to approve its fund-raising plans.The bank has proposed to increase the authorised share capital and consequently alter the capital clause of the memorandum of association.
The board of directors had, in a meeting on January 10, outlined a modified capital-raising plan, where it intends to raise up to Rs 10,000 crore through a mixture of equity and debt.
Earlier, the bank was in talks with several investors to raise capital. There had been offers from Erwin Singh Braich, Citax Holdings and Citax Investment Group. The bank decided not to proceed with the offer from Braich.
The bank also said that Citax’s offer will be taken up later, as “relevant conditions precedent could not be completed”.
YES Bank Ltd shares surged over 13 per cent in intra-day trade on Wednesday after a media report said that the private sector lender has appointed investment banker Anshu Jain to help the bank raise funds. Anshu Jain is a former co-CEO of Deutsche Bank and is currently the president of Cantor Fitzgerald, an investment bank and brokerage firm.
