India: Yes Bank receives non-binding EoIs from at least four investors

Private lender Yes Bank on Wednesday said it has received non-binding expressions of interest (EoI) from at least four “prominent investors” and the capital raising effort will lead to a delay in publishing its December quarter financial results to on or before 14 March.

“In this regard we wish to disclose that we have received non-binding expressions of interest (EOIs) from several prominent investors. These include J.C. Flowers & Co. LLC; Tilden Park Capital Management LP; OHA (UK) LLP (part of Oak Hill Advisors); Silver Point Capital,” the bank said in a regulatory filing.

The lender said that it along with its financial advisors are currently in discussions with these investors on the commercial terms, including pricing.

“The bank and its management is deeply engaged with the exercise outlined above and which includes extensive work with its investment bankers, legal and accounting advisors, the investors and the independent vendor/legal due diligence commissioned for investors. Given that the current capital raising process has the bank’ s fullest attention, it would like to inform the exchanges that it will publish its unaudited financial results for the quarter and nine month period ending 31 December, 2019 on or before 14 March, 2020,” Yes Bank said.

However, this exceeds the 45-day period from the end of a quarter as prescribed by SEBI for disclosing financial results.

The bank is in dire need of capital and in January, the board approved raising funds of up to 10,000 crore in one or more tranches through a qualified institutional placement (QIP), or any other private placement of equity or debt. The bank had also rejected a proposal by Erwin Singh Braich to invest $1.2 billion. On 30 November, it had said that a number of investors evinced interest in buying Yes Bank equities worth $2 billion. The bank had also said that it was in discussions with the family office of Erwin Singh Braich/SPGP Holdings and the investors had shown an interest in investing $1.2 billion through a binding offer.

Earlier, at an extraordinary general meeting (EGM) this month, the lender also received shareholders’ nod to raise up to 10,000 crore.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.