Business
Government asks SBI to form consortium to buy stake in YES Bank: report
The State Bank of India has been authorized to choose other members of the consortium and the announcement is expected shortly, according to the report.
After the development, the shares of YES Bank jumped 9.56% to reach a high of Rs 32.10 for BSE. The shares of the state-run SBI fell 3.01% to 276.70 rupees.
"According to media reports, SBI has been invited to invest as a leader in a consortium in Yes Bank. Although we may see a sharp rise in the price of Yes Bank and a negative reaction in the price of SBI, we recommend caution to retail investors. The most important thing to watch would be the percentage dilution of equity, taking into account the conversion of existing bonds issued by Yes Bank into equity, "said Abhimanyu Sofat, director of research, IIFL Securities.
Earlier in January, the bank president expressed his firm conviction that "some solutions will emerge" to bail out the private lender.
Bank YES has so far failed to attract a strategic investor. Reports recently suggested that the private bank had approached mutual funds to raise new equity worth $ 300-500 million.
The private lender had previously said it had delayed its third quarter results while the bank was examining non-binding expressions of interest from four investors.
Bank YES had planned to raise up to $ 2 billion to consolidate its capital base.
He had chosen Cantor Fitzgerald, led by former Deutsche Bank global co-CEO Anshu Jain, and local investment banks IDFC Securities and Ambit Capital to raise funds that would help the lender expand its loan portfolio.
Recently, the private lender has received non-binding expressions of interest from investors, including JC Flowers, Tilden Park Capital, OHA UK and Silver Point Capital.
In addition, an article in the media last month suggested that Hinduja Group was partnering with private equity firm Cerberus Capital Management LP to seek a stake in struggling Yes Bank.
However, nothing has materialized to date.
(With contributions from ET Bureau)
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