Yes Bank shares tumble 5% ahead of board meeting

Shares of Yes Bank on Tuesday declined by over 5 per cent ahead of the board meeting later in the day to finalise and approve the proposed capital infusion.

On the BSE, the shares fell 4.98 per cent to Rs 53.40.

The scrip on the NSE tumbled by 5.15 per cent to Rs 53.35.

The bank had said eight investors led by Erwin Singh Braich have evinced interest to pump USD 2 billion into the lender.

The private lender in November said its board of directors will reconvene on December 10 to finalise and approve details of capital infusion, which will take place through preferential allotment.

The investors who have shown interest also include Aditya Birla Family Office and Rekha Jhunjhunwala, wife of market investor Rakesh Jhunjhunwala, who have committed USD 25 million each, the bank had said.

The largest investor is Braich/SPGP Holding, which has committed USD 1.2 billion, followed by Citax Holding with USD 500 million commitment, the bank said, adding that discussions with Braich/SPGP are going on and expected to be concluded shortly.