Hindujas, Cerberus may pick up stakes in Yes Bank
Thursday - February 20, 2020 9:46 pm , Category : BUSINESS
Mumbai, Feb 20 (IANS) Cash-starved private lender Yes Bank may be rescued by the Hinduja Group as reports say that Gopichand Hinduja and Ashok Hinduja met Reserve Bank of India officials earlier this month regarding the bid.Reports suggest that the Hinduja Group is partnering with private equity firm Cerberus Capital Management LP in seeking to pick up a stake in embattled Yes Bank. However, both Yes Bank and Hinduja Group have not disclosed any information regarding the same.The fourth-largest private lender had earlier said it has delayed its third-quarter earnings as the bank is reviewing non-binding expressions of interest from four investors.In a filing to the BSE, the bank said it had received non-binding expressions of interest (EoIs) from several investors including J.C. Flowers & Co, Tilden Park Capital Management, OHA (UK) LLP (part of Oak Hill Advisors), and Silver Point Capital.Yes Bank has bore the brunt of several ratings downgrades due to the uncertainty over its capital infusion plan. A number of rating firms have red-flagged the bank's exposure to stressed projects too.Rating agency ICRA noted that Yes Bank's solvency profile remains weak with net NPA/CET of 36 percent as on September 30, 2019.Owing to uncertainty over its future, Yes Bank, once billed as a favourite of traders, has gained the reputation of being one of the biggest wealth destroyers in the market.
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