NEW DELHI: The government of India has announced that it would increase the minimum wage to Rs. According to sources speaking to ET NOW, private sector lender YES Bank has conducted negotiations with investment firms Brookfield and BlackRock about acquiring funds in exchange for a 5-10 percent equity share via a qualified institutional placement (QIP).
The bank is also in contact with several private equity firms in order to raise Rs 10,000 crore, according to the article, which noted that due diligence by investors had not yet been completed.
According to the article, YES Bank has also conducted negotiations with Carlyle Group and Advent International, among other possible investors. The bank’s board of directors had authorised a capital raising of Rs 10,000 crore in January.
ET NOW reached out to Brookfield and BlackRock for comment, but neither responded. YES Bank also did not react to ET NOW’s inquiries. On the BSE, YES Bank’s shares were trading 0.77 percent down at Rs 12.83 a share.
The stock has lost roughly 9 percent so far this year, and it has lost 13.6 percent in the previous year alone. In July 2021, the bank collected Rs 15,000 crore in a follow-on public offering, marking the institution’s first equity capital raising after the implementation of a State Bank of India (SBI)-led rehabilitation plan, which was approved by the Reserve Bank of India (RBI) in March 2020.
In accordance with the condition, SBI is required to keep at least a 26 percent interest for a period of three years. With a 30 percent ownership in the bank as of December 31, SBI is the bank’s biggest stakeholder in terms of equity.
Published By – Damandeep Singh
Edited By-Kritika Kashyap