Yes Bank is selling equity stakes of up to 10% each to global private equity investors Carlyle and Advent International. The lender is raising equity capital of INR 89bn ($1.1bn) through a combination of INR 51bn ($640mn) in equity shares at INR 13.7/share and INR 38bn ($475mn) through equity share warrants at INR 14.8 a piece, as per the exchange filing. The fundraising, which is still subject to shareholders’ approval, will augment the capital adequacy of the bank. The bank’s CET1 capital adequacy ratio was at 11.9% as of June. Yes Bank had also signed a binding term sheet to partner with US-based JC Flowers ARC for the sale of its identified stressed loans or NPAs.
Yes Bank’s USD 3.73% 2023s were down 0.11 points at 98.75, yielding 6.29%.
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