Yes Bank policy will cross the foreign investment? Rs. CCI gives green light to 8900 crore investment

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- Yes Bank Rs. CCI gives green light to 8900 crore investment

Ahmedabad. 21 October 2022, Friday

Burdened by scandal and later debt, Yes Bank is on the mend. Foreign investors are now showing interest in the bank. Yes Bank's board had approved a major foreign investment and now the Competition Commission of India (CCI) has approved Yes Bank's Rs. It has approved the proposed deal between the two entities to buy the stake with an investment of Rs 8900 crore. Carlyle Group and Verventa Holdings will both get 184.8 crore equity shares and 128.37 crore warrants against their investment in the bank.

Verventa Holdings, an affiliate of Advent International-managed funds, will acquire 10 percent stake in Yes Bank. Along with this, Carlyle Group-controlled CA Basque Investments will also acquire a 10 percent stake in the bank. "The Commission has approved the proposed deal for equity shares, including acquisition and voting rights of 10 per cent of the total paid-up share capital of the acquiring Yes Bank," CCI said in a statement issued late Thursday evening.

In July, Yes Bank's board sold 10 percent of its stake to funds linked to the Carlyle Group and Advent International for Rs. 8898.47 crores was approved for the scheme. Under this, the Board has given both the funds Rs. 13.78 has approved the allotment of 369.61 crore equity shares. Apart from this, 256.75 warrants will also be issued to them on the basis of private placement, which will be worth Rs. 14.82 can be converted into equity shares. Yes Bank then said that it is yet to get approval from RBI for this investment.

Additionally, Yes Bank said on September 20 that the bank's board has also approved the sale of bad loans worth around $6 billion, i.e. Rs 480 billion, to private equity firm JC Flowers. The bank said JC Flowers to buy its bad loan portfolio for Rs. 48,000 crore basic bid was made.

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