European entities have evinced interest in investing up to $1 billion in Yes Bank, sources told CNBC-TV18. While some of these investors reportedly have a large exposure to Russia, others own banks having exposure to Europe.
Discussions with the lender are said to be at an advanced stage. Sources also told the business channel that London-based Citax Holdings’ has already set aside $500 million in an escrow account.
Earlier in December, Yes Bank announced after its board meeting that it is willing to favourably consider Citax’s $500 million offer.
Meanwhile, the bank in a press release said the $1.2 billion binding offer submitted by Canadian industrialist Erwin Singh Braich continues to be under discussion. Even when the bid was submitted by Braich, reports had suggested that the Reserve Bank of India (RBI) might not favour it.
The same reports suggest that the lender was on the lookout for institutional investors to make up the shortfall in its fundraising plans.