Yes Bank Ltd. has picked Cantor Fitzgerald LP, IDFC Securities Ltd. and Ambit Pvt. to assist the Indian lender raise as much as $2 billion for bolstering capital buffers, individuals with data of the matter mentioned.
Yes Bank, staggering underneath the burden of soured loans, has been stricken by worries about its asset high quality and uncertainty about efforts to raise new capital. It’s making an attempt to shore up a core fairness capital ratio that’s barely above a regulatory minimal of 8%.
The lender’s shares surged as much as 14% on Wednesday as traders have been inspired by the transfer to decide bankers. Yes Bank, led by Chief Executive Officer Ravneet Gill, has misplaced greater than 80% of its market worth up to now yr on considerations about its means to raise funds.
The Economic Times reported the appointment earlier.
A spokesman for Yes Bank and spokeswoman for Ambit declined to remark in regards to the fund elevating plans. A consultant for IDFC Securities and spokeswoman for Cantor didn’t instantly reply to emails in search of remark.
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