Yes Bank delays quarterly results; shares up amid fresh fund raise talks

Yes Bank delays quarterly results; shares up amid fresh fund raise talks

By Ritu,

Capital Sands

Troubled Indian lender Yes Bank Ltd said it will delay disclosing its October-December earnings by at least a month, and that it was in talks with potential investors for a cash infusion, sending its shares up almost 6% in Thursday trade.

Yes Bank, in a regulatory filing late on Wednesday, said it had received non-binding expressions of interest from JC Flowers, Tilden Park Capital Management, OHA (UK) and Silver Point Capital.

“Given that the current capital raising process has the bank’s fullest attention, it would like to inform the exchanges that it will publish its unaudited financial results for the quarter and nine month period ending Dec. 31, 2019 on or before March 14, 2020,” the bank said in the filing.

The earnings delay comes as the bank fends off criticism of its corporate governance levelled by a former board member. It is also contending with a rise in bad loans and, for two quarters, has been trying to raise $2 billion in fresh capital.

Yes Bank, whose shares have slumped more than 85% in the last 10 months, recently appointed global investment bank Cantor Fitzgerald headed by former Deutsche Bank Chief Executive Anshu Jain to ramp up its effort to raise capital.

Last month, Yes Bank said it had rejected a $1.2 billion investment offer from Canadian investor Erwin Singh Braich and Hong Kong-based SPGP Holdings – an offer about which many analysts expressed doubt.

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