Capital raise is just a matter of time, says YES Bank CEO Ravneet Gill

Capital raise is just a matter of time, says YES Bank CEO Ravneet Gill

The possibility that the capital does not come in is something I do not believe in, says YES Bank CEO Ravneet Gill  

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YES Bank CEO Gill termed acquisition buzz as "idle speculation"YES Bank CEO Gill termed acquisition buzz as "idle speculation"
BusinessToday.In
  • Dec 25, 2019,
  • Updated Dec 25, 2019 9:06 AM IST

YES Bank Chief Executive Officer (CEO) Ravneet Gill has reportedly said that the private sector lender will soon complete its capital raising process. Gill assured that it is just a matter of time before we have capital.

"It is a question of time before we have capital," Yes Bank CEO Ravneet Gill told The Economic Times.

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The private sector has a troubled time since August last year when the RBI refused to grant an extension to co-founder and chief executive Rana Kapoor and instead asked him to leave the bank by January 31, 2019.

Gill, who took over in March, said that the bank has been "able to accrete capital organically in the last three quarters by down-selling assets". "The possibility that the capital does not come in is something I do not believe in," the daily quoted him as saying.

Asked if big bankers like State Bank of India or Kotak Mahindra Bank are looking to acquire YES Bank or a part of it, he said that this is idle speculation and nothing else.

In December, YES Bank in a filing to the bourses disclosed that its board was willing to favourably consider London-based Citax Holdings' $500 million offer, adding that it would continue to evaluate other potential investors to raise capital upto $2 billion. The bank had said the $1.2 billion binding offer submitted by Canadian industrialist Erwin Singh Braich continues to be under discussion. Among others who showed willingness for fund infusion were US-based Capital International ($120 mn), GMR Group and Associates ($50 mn), billionaire investor Rakesh Jhunjhunwala's wife Rekha Jhunjhunwala ($25 mn) and Aditya Birla Family Office ($25 mn).

YES Bank Chief Executive Officer (CEO) Ravneet Gill has reportedly said that the private sector lender will soon complete its capital raising process. Gill assured that it is just a matter of time before we have capital.

"It is a question of time before we have capital," Yes Bank CEO Ravneet Gill told The Economic Times.

Advertisement

The private sector has a troubled time since August last year when the RBI refused to grant an extension to co-founder and chief executive Rana Kapoor and instead asked him to leave the bank by January 31, 2019.

Gill, who took over in March, said that the bank has been "able to accrete capital organically in the last three quarters by down-selling assets". "The possibility that the capital does not come in is something I do not believe in," the daily quoted him as saying.

Asked if big bankers like State Bank of India or Kotak Mahindra Bank are looking to acquire YES Bank or a part of it, he said that this is idle speculation and nothing else.

In December, YES Bank in a filing to the bourses disclosed that its board was willing to favourably consider London-based Citax Holdings' $500 million offer, adding that it would continue to evaluate other potential investors to raise capital upto $2 billion. The bank had said the $1.2 billion binding offer submitted by Canadian industrialist Erwin Singh Braich continues to be under discussion. Among others who showed willingness for fund infusion were US-based Capital International ($120 mn), GMR Group and Associates ($50 mn), billionaire investor Rakesh Jhunjhunwala's wife Rekha Jhunjhunwala ($25 mn) and Aditya Birla Family Office ($25 mn).

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