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Topic: Yes Bank Ltd
The CBI said DHFL promoters Kapil and Dheeraj Wadhawan were absconding since a case against them was registered on 7 March in YES Bank fraud case.
Bank’s lending growth was substantially over the average credit growth of the banking industry, with experts saying the board should have been more proactive in flagging it.
Braich has a history including bankruptcy, lawsuits & soured business deals. He has no headquarters, no banker to manage his money & lives in a motel.
Doubts over foreign bidders, including Canada’s Erwin Singh Braich and Hong Kong-based SPGP Holdings, have triggered concerns that RBI might not allow them to take ownership stakes.
Yes Bank’s board will meet next week to approve a preferential allotment of shares to investors, none of which will receive more than a 25% stake.
Yes Bank was the top gainer in the Sensex pack, rising up to 4 per cent, followed by Bharti Airtel, Tata Motors, Tech Mahindra, NTPC and Axis Bank.
Yes Bank aims to raise about $1.2 billion in capital and says it has received offers from bidders including an unnamed North American family office.
Ravneet Gill, who takes over as Yes Bank CEO Friday, will have to walk a fine line & repair relations with RBI.
Core inflation has remained sticky at around 6% and is a key reason economists cautioned against more rate cuts after last week’s surprise easing.