Yes Bank delays Q3 results amidst capital raising
13 February 2020
Private lender Yes Bank has postponed the release of its fiscal third quarter results till 14 March amidst fresh proposals for capital infusion by foreign private equity firms.
Yes Bank said four private funds, including JC Flowers & Co LLC, Tilden Park Capital Management LP, Silver Point Capital and OHA (UK) LLP (part of Oak Hill Advisors) have shown interest in putting money into the bank, Yes Bank said in a stock-exchange filing.
Yes Bank said it has received non-binding expressions of interest from several prominent investors as the struggling Indian private-sector lender continues its quest for capital.
Yes Bank on Wednesday said there will be a delay in announcement of December quarter results and that they will be declared on or before 14 March. Listed companies have to publish financial results within 45 days from the end of the relevant quarter as stipulated under Sebi Regulations.
Cash-starved Yes Bank has sought relaxations as it is currently engaged in raising capital with the "fullest attention" and has received non-binding expressions of interest from several prominent investors.
"The Bank and its financial advisors are currently in discussions with these investors on the commercial terms," Yes Bank told stock exchanges.
Yes Bank recently received shareholders' approval to increase authorised share capital of the bank to Rs1,100 crore from Rs800 crore.
At the Extraordinary General Meeting, the private lender also received shareholders' nod to raise up to Rs10,000 crore via issuance of equity shares or other convertible securities.
Meanwhile, Yes Bank recently appointed Anshu Jain-headed global investment bank Cantor Fitzgerald and two domestic entities for its fundraising plans to raise $2 billion.
Other merchant bankers appointed by the capital-starved lender include IDFC Securities and Ambit Capital.