Private sector Yes Bank has rejected a $ 1.2 billion investment offer by Canadian mystery investor Erwin Singh Braich.
“An updated proposal has been received from BRAICH, but it has not decided to proceed with the proposal,” Yes Bank reported. With this decision, the bank has set a target of raising 60 percent of its total capital. According to Yes Bank, Rs 10,000 crore will be raised by issuing securities. The bank also said that it will consider the $ 500 million proposal of Citax Holdings and Citax Investment Group in the next board meeting.
Resignation of Yes Bank’s Independent Director
Meanwhile, Yes Bank’s independent director Uttam Prakash Aggarwal has resigned from the post expressing serious concerns over the malfunctions and other issues in the running of the company. In a resignation letter sent to Brahm Dutt, non-executive part-time chairman of Yes Bank, he said, “I resign from the membership of the independent directors of YES Bank, chairman of the audit committee and all other committees of the board of directors with immediate effect.” In the letter, referring to the fall of the company operating level, has questioned the CEO and MD Ravneet Gill, including others.
The impact of these conditions can be seen on the stock of Yes Bank on the first trading day of the week. Earlier on Friday, Yes Bank shares fell by more than 5 percent. At the end of business, Yes Bank shares were at Rs 44.80. The market cap of the bank is Rs 11,426.12 crore. Explain that for the first time on October 1, 2019, Yes Bank shares came down to Rs 30.