Carlyle Group -; Advent International to receive shares and warrants from Yes Bank

14 Dec 2022 , 08:32 AM

Following clearance from the Reserve Bank of India, Yes Bank announced on Tuesday that the board has approved the allocation of shares to international private equity companies Carlyle Group and Advent International.

According to a press release from the private sector lender, CA Basque Investments of the Carlyle Group will get 128 crore convertible warrants valued at Rs14.82 and 185 crore shares valued at Rs13.78 each. Each of these warrants can be converted into a single share.

Verventa Holdings, a division of Advent International, would also get 185 crore shares at a price price of Rs13.78 per share and 128 crore convertible warrants at a price of Rs14.82 per warrant.

The share issuance will equate to 5.9% of the private sector lender for each of the two PE firms. After the warrants are converted, their share will rise to about 10%.

The lender had previously stated in July that it intended to raise $1.1 billion by selling shares and convertible warrants to the two private equity firms. The fundraising will assist Yes Bank to meet its expansion goals and increase capital adequacy.

Shares of Yes Bank had a rapid increase before the board meeting, reaching a 2-year high of Rs24.35 on the National Stock Exchange. At Rs23.95, the shares finished 13.5% higher.

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