New Delhi: Yes Bank has picked Cantor Fitzgerald, IDFC Securities and Ambit to help the Indian lender raise as much as $2 billion for bolstering capital buffers, people with knowledge of the matter said.
Yes Bank, staggering under the weight of soured loans, has been plagued by worries about its asset quality and uncertainty about efforts to raise new capital. It’s trying to shore up a core equity capital ratio that is barely above a regulatory minimum of 8 per cent.
The lender’s shares surged as much as 14 per cent on Wednesday as investors were encouraged by the move to pick bankers. Yes Bank, led by Chief Executive Officer Ravneet Gill, has lost more than 80 per cent of its market value in the past year on concerns about its ability to raise funds.
The Economic Times reported the appointment earlier.
A spokesman for Yes Bank and spokeswoman for Ambit declined to comment about the fund raising plans.
A representative for IDFC Securities and spokeswoman for Cantor didn’t immediately respond to emails seeking comment.