) aims to raise up to $2 billion in a massive issue of new shares to institutional investors and wealth managers as it soaks up the impact of bad loans in the country’s crisis-hit shadow banking and real estate sectors.
As a major part of the plan, Yes Bank said it is in talks on a deal to sell shares worth $1.2 billion to Canadian billionaire Erwin Singh Braich and Hong Kong-based SPGP Holdings, which he backs. The bank said it expected those talks to close shortly.Shares of the Mumbai-based Yes Bank closed 2.5% lower ahead of the announcement on Friday. Its stock has risen about 20% since it said late in October it got a binding offer to buy shares of $1.2 billion from an unidentified global investor.
It also said a leading U.S. fund house would subscribe, saying the name of the investor would be disclosed early next week.
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