Yes Bank calls report about it seeking Rs 12,000 cr investment in ARC ‘speculative’

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Yes Bank calls report about it seeking Rs 12,000 cr investment in ARC ‘speculative’

Yes Bank on Saturday called a media report about it seeking Rs 12,000 crore from potential investors to partner its asset reconstruction company (ARC) as speculative.

Responding to clarification sought by the exchanges, the private sector lender said, “The Bank would like to clarify that, certain news articles reported by media carrying a reference to the Bank seeking Rs 12,000 crore from potential investors, to partner in the ARC, is speculative and has no bonafide reference.”

Earlier, quoting sources, Mint had reported that the bank, which is in the process of selecting a partner for its ARC to transfer a portion of its non-performing assets, is looking to raise Rs 12,000 crore from investors.

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“The Bank is not aware of the source, which resulted in the above mentioned news item and as a matter of policy, the Bank would not like to comment on such speculation,” the bank said in the exchange filing.

It further added that it has initiated a process for partner selection for ARC by calling a Public Expression of Interest. “Currently, the process is underway and there is no specific decision in this regard which is material and requires to be disclosed.”

Last month, the bank’s board had approved raising up to Rs 10,000 crore by issue of equity shares/ depository receipts/ convertible bonds/ debentures/ warrants/ any other equity linked securities, subject to necessary approvals from shareholders and regulators.

Shares of the bank closed 0.72 per cent higher at Rs 14.06 on the BSE on Friday. 

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