Yes Bank share price slow down from 7 per cent in the morning on December 2 after the company decided to raise up to $2 billion through the preferential allotment of the company’s shares. Three institutional investors and five family offices expressed interest in acquiring fresh stake in the bank including Top Tier US Fund House, Discovery Capital and Ward Ferry (institutional investors) and Aditya Birla Family Office, Citax Holdings Ltd. & Citax Investment Group, GMR group & associates, Erwin Singh Braich/ SPGP Holdings and Rekha Jhunjhunwala.
“None of the investors will be allotted equity shares such that their holding exceeds 25 per cent of the share capital of the bank,” company said.
The board of directors shall reconvene on December 10 2019, to finalize and approve the details of the preferential allotment and convene an extraordinary general meeting subsequently, to obtain the approval of the shareholders.
Read Equitypandit’s Nifty Bank Outlook for the Week