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Yes Bank rejects offer, seeks up to 100B rupees from selling new shares

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Yes Bank rejects offer, seeks up to 100B rupees from selling new shares

Yes Bank Ltd. rejected an offer from Canadian investor Erwin Singh Braich and Hong Kong-based SPGP Holdings, without giving reasons.

Meanwhile, the Indian lender maintained that it is "willing to favorably consider" the offer of US$500 million Citax Holdings and Citax Investment Group, according to a Jan. 10 release.

In the same release, Yes Bank said it plans to raise up to 100 billion rupees of fresh funds by issuing securities through qualified institutions placement, global depository receipts and other issuance of securities.

In a separate release also dated Jan. 10, Uttam Prakash Agarwal resigned as an independent director, citing concerns about the bank's "deteriorating standards" of corporate governance and other management practices under the current leadership. Yes Bank said Agarwal's claims will be examined.

As of Jan. 10, US$1 was equivalent to 70.94 Indian rupees.