January 10, 2020 / 11:48 AM / 14 days ago

India's Yes Bank to raise up to $1.41 billion through share sale; snubs Braich's offer

FILE PHOTO: A watchman steps out of a Yes Bank branch in Mumbai, India, September 21, 2018. REUTERS/Francis Mascarenhas/File Photo

BENGALURU (Reuters) - India’s Yes Bank Ltd (YESB.NS) said on Friday it would raise up to 100 billion rupees ($1.41 billion) through the issue of new securities.

The bank also said it would not proceed with a $1.2 billion offer from Canadian investor Erwin Singh Braich and SPGP Holdings announced earlier.

($1 = 70.9099 Indian rupees)

Reporting by Chandini Monnappa in Bengaluru

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