Hinduja will be bidding to acquire a stake in Yes Bank

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Mumbai, 21 February 2020 Friday

Hinduja Group is likely to partner with private equity firm Cerebrus Capital Management to acquire a stake in Yes Bank. According to sources, representatives of Cerebros and Hinduja Group of Britain met with RBI officials this month on a Yes Bank bid.

The Hinduja group is currently managed by both brothers Gopichand Hinduja and Ashok Hinduja. It is worth mentioning that Yes Bank has been trying to raise funds for the last few months due to the quality of the assets and exposure to the stressed banking sector.

Yes Bank told stock exchanges on February 12 that JC Flowers & Company, Tilden Park Capital Management, Oak Hill Advisors and Silver Point Capital submitted a non-binding letter of intent.

A Hinduja Group spokesman declined to comment. However, a spokesperson for Cerebrus, RBI and Yes Bank did not immediately respond to the question. Of sources

According to the report, more investors are likely to join the consortium for Yes Bank's bid. Talks are currently underway and the consortium may also decide not to bid.

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