The board of private lender Yes Bank is willing to favourably consider the offer of $500 million investment of Citax Holdings and Citax Investment Group, the bank said on Tuesday.
“The binding offer of $1.2 billion submitted by Erwin Singh Braich/SPGP Holdings continues to be under discussion,” it said.
Yes Bank further said it will continue to evaluate other potential investors to raise capital up to $2 billion.
In late November, the lender had given the list of potential investors, including the two named above, who were willing to put money in the bank. Constraints on capital had forced the private sector bank to shrink its book in the September quarter. The bank has been going through a tumult for the last one year since the RBI forced the exit of its promoter and CEO Rana Kapoor in August 2018.
His successor Ravneet Gill was forced to make the capital raise top priority because of doubtful bets taken by the bank under Kapoor.