Private sector lender Yes Bank on Friday approved sale of securities worth Rs 8,898 crore to global private equity players Carlyle and Advent groups. The decision follows exit of the lender from the ‘Yes Bank Ltd Reconstruction Scheme, 2020’ last month.
At its meeting on Friday, the bank’s board decided to issue over 369.61 crore equity shares and 256.75 crore warrants. These securities will be issued on a preferential basis for a total consideration of Rs 8,898.47 crore, according to a regulatory filing. The shares will be offered at Rs 13.78 apiece while the warrants exchangeable into equity shares are to be issued at Rs 14.82 per piece. The face value of these shares is Rs 2 apiece.
CA Basque Investments, part of the Carlyle Group, and Verventa Holdings, an affiliate of funds managed by Advent, will be offered little over 184.80 crore shares each at a price of Rs 13.78 apiece. Likewise, they will get more than 128.37 crore warrants each at a price of Rs 14.82.
The proposed sale of securities to the two entities is subject to regulatory approvals, including from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI). Shares of Yes Bank closed 2.47 per cent higher at Rs 14.94 apiece on BSE.
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