Paytm says absolutely not interested in YES Bank stake, Retail News, ET Retail


NEW DELHI: Paytm on Wednesday said it was absolutely not interested in buying a stake in YES Bank. It instead is seeking small finance bank permit from the regulator, ET NOW reported quoting agencies.

At 2.45 pm, shares of YES Bank were trading 2 per cent higher at Rs 46. The scrip was up 5 per cent in early trade after the private sector lender said it will hold a board meeting on Friday to consider and approve raising of funds by issue of equity shares or depository receipts or convertible bonds or debentures or warrants, through permissible modes.

In the past, the bank named entrepreneur Erwin Singh Braich/SPGP Holdings as a potential investor with whom talks were ongoing. Hong Kong-based SPGP Holdings/ Erwin Singh Braich could commit nearly Rs 8,600 crore ($1.2 billion ) to the bank.

The bank had then said discussions with the investor were ongoing and was expected to be concluded shortly even as the binding term sheet had been extended till December 31. Later reports said the term sheet has been further extended to January-end.

Citax Holdings Ltd and Citax Investment Group are also keen to invest $500 million in the bank, YES Bank had said earlier.

The news comes on the heels of a rating downgrade by Care Ratings on Rs 21,000 crore worth of YES Bank bonds. The rating agency cited more than expected delay in raising core equity capital behind the downgrade.

Considering the overall quantum of capital to be raised, prevailing market capitalisation levels and regulatory risks, significant clarity on equity raising is expected from the bank, it said recently.

The scrip has recently been excluded from Sensex. The upcoming semi-annual review for rebalancing of the Nifty index could see the scrip exiting from Nifty as well, said Edelweiss.

AMFI last week reclassified YES Bank as midcap.

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