One97 Communications is in preliminary discussions to acquire a stake in private sector bank Yes Bank. Separately, Coffee Day Enterprises Ltd (CDEL) has appointed IDFC Securities to advise on sale of its assets.
Paytm eyes Yes Bank stake
The deal is subject to an approval from the Reserve Bank of India (RBI) as One97 already owns Paytm Payments Bank, the report added. Going by current regulations, institutional investors can acquire up to 5 per cent stake in an Indian bank. A stake beyond 5 per cent requires an RBI approval.
Yes Bank has been under pressure to raise fresh capital to improve its capital adequacy ratio. Last month, the bank proposed to increase the authorized share capital from Rs800 crore to Rs1,100 crore.
CDEL hires IDFC Securities for asset sales
In a BSE filing, CDEL said that IDFC will assist it identify strategic options including divestment of its holding in Coffee Day Global Limited and any other group company (other than SICAL Logistics Limited). IDFC will also advise on refinancing of existing debt and raising additional facilities to repay debt in CDEL and its subsidiaries, the filing added.
A day ago, Mint reported that CDEL has hired ICICI Securities as an advisor to sell stake in Sical Logistics to pare debt.