New Delhi: YES Bank on Friday rejected mysterious investor Erwin Singh Braich's $1.2 billion investment offer but said that it will raise Rs 10,000 crore by issuing securities. The bank on Friday also said it will take up Citax Holdings, and Citax Investment Group's investment offers in the next board meeting.
The private lender said that it received an updated proposal from Braich but the "board has decided not to proceed with the offer" after last month postponing a decision on his binding offer of $1.2 billion -- 60% of the total capital the bank aimed to raise.
A lack of enthusiasm was seen among investors after the bank last month declared the list of prospective investors. Investors' doubts over Braich stemmed from the fact that he has been involved in a number of bankruptcy, lawsuits and failed business deals.
YES Bank said that it is willing to "favourably consider the offer of $500 Million of CitaxHoldings and Citax Investment Group and the final decision regarding allotment to follow in the next board meeting.." as "the relevant conditions precedent could not be completed as on date".
YES Bank said that it will raise funds upto Rs 10,000 crore, in one or more tranches ".
