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Shares of <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> on Tuesday advanced nearly 9 per cent after ace investor <keyword id="6398943" type="PERSON" weightage="20" keywordseo="rakesh-jhunjhunwala">Rakesh Jhunjhunwala</keyword> bought approximately 1.3 crore shares of the company for around Rs 87 crore through open market transactions. The scrip, after a positive opening, further jumped 8.77 per cent to Rs 71.90 on the BSE. On the NSE, it zoomed 8.84 per cent to Rs 72. It was the top gainer on both Sensex and Nifty during early trade. It closed 3.4% higher on BSE. According to bulk deal data available with the BSE, Jhunjhunwala purchased 1,29,50,000 shares of the private lender amounting to 0.5 per cent stake. The shares were bought at an average price of Rs 67.1, taking the transaction to Rs 86.89 crore, the data showed. Shares of the lender, after plunging 15 per cent during the previous session on Monday, recovered most of its early losses and closed over 1 per cent lower after the company reported a consolidated net loss of Rs 629.1 crore for the September quarter due to a spurt in bad loans. SUM ANS ANS

Big Bull Rakesh Jhunjhunwala gives a big boost to Yes Bank stock

<ul><li>All of SBI’s windfall from SBI Life stake sale went into provisioning for bad loans.</li><li>ICICI Bank stock could be re-rated based on its exposure to latest list of troubled firms.</li><li>HDFC Bank’s retail loan quality has not deteriorated but slow pick up in auto loans might affect it in the future.</li><li>Kotak Mahindra Bank is already affected by slow uptake in loans and its credit costs are also growing.</li></ul>There has been a lot of fear around the health of Indian banks, including the large ones, for a while now⁠— largely due to rising bad loans. However, if you look at some of the top banks in the country⁠— like the State Bank of India (SBI), ICICI Bank, HDFC Bank, Kotak Mahindra Bank, and Yes Bank⁠— one would find that the factors that affect the earnings are largely different. Yes Bank’s gross non-performing assets or basically loans where recovery is tough stands at ₹17,134 crore which is more than four times what it was in the same quarter last year-- ₹3,866 crore. And it might have <a href="https://www.business-standard.com/article/finance/yes-bank-stock-falls-by-15-as-investors-worry-over-hdil-dhfl-exposure-119093001180_1.html">more to come </a>because of its extensive exposure to troubled shadow banks like Housing Development Infrastructure (HDIL) and Deewan Housing Finance (DHFL). Not just that, it also has exposure to Anil Dhirubhai Ambani Group and Essel Group as well. In this regard, SBI has more to worry about the crisis in the country’s shadow banks, whereas Kotak and HDFC Bank are largely untouched by the same crisis because they lend more to individuals than corporates, while ICICI Bank too has managed to curb its exposure to troubled sectors like telecom and real estate financiers. The same cannot be said for Yes Bank, whose bad loans have been consistently rising over the last one year. 
 
 
 
 
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 The SBI story The fortunes of India’s largest bank State Bank India depends on the survival of the shadow banks that it has lent to. After the IL&amp;FS debacle last year, a lot more are in the line and it has an exposure to Dewan Housing Finance which has not yet sunk but on thin ice. Yet this quarter has been better than expected for SBI as its profits went up three times over from the same quarter last year. But that is not the best news it has received this quarter. Its slippages which is basically the extent of loans that have turned bad---have come down by half. Going ahead, its health will depend on how it holds onto this number and DHFL’s survival is extremely important. But the bank is confident that its slippages will not go down below 2%. For a bank with a vast loan book, it is as high as ₹8,000 crore. Basically, it’s a good enough quarter for SBI if its loans worth this ₹8,000 crore turn bad, and not more! ICICI Bank has corrected its course over time The country’s largest private bank ICICI Bank too has an asset quality problem and its extent of slippage is lower too. Its slippages came at ₹2,480 crore for the quarter -- at around 1.7% of its total loans. The improving asset quality has helped the stock price which has gained 17.2% in the last six months. “Importantly, it displays no large stress exposure to some downgraded groups or emerging stress groups, while also has lower exposure to telecom, housing finance companies, non-banking financial companies and builders,” said a report by Prabhudas Liladher. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
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 As much as ₹1,260 crore worth loans recovered to get off the ‘dud’ category and that is much better news. When banks have fewer bad loans on their books, they have to keep less amount aside -- as per regulations. It means they will have more amount at their disposal to lend, which also doubles as growth money in case of banks. This will help the bank compete with other private banks on a war path of growth like Kotak Mahindra and HDFC Bank which are exhibiting double digit growth. Individual borrowers in India are better in repaying loans than companies⁠— and that helps HDFC Bank and Kotak Mahindra. While HDFC’s loan growth is at 15% from last year, in spite of the fact that this bank which lends to individuals instead of corporates is seeing lack of interest for two good segments -- auto and housing. The loan book of Kotak Mahindra which has a mix of retail and corporate clients grew by 20%. But these banks will see the effect of slowdown that is lulling the economy. “Slower-than-expected loan growth will likely delay the leveraging up process and higher than expected slippages and credit costs given weaker macros. Weakness in capital markets would impact the flow businesses,” said Nomura in a report on Kotak Mahindra Bank. While other banks are offering lower rates for deposits, an aggressive Kotak Bank is offering rates as high as 8% to ensure it has enough money to lend to its borrowers. But that has also meant that it has a narrower profit margin.

What bothers Yes Bank does not bother its bigger peers as much

<ul><li>Yes Bank has been looking for an investor and Hong Kong-based SPGP Holdings has reportedly has made a $1.2 billion binding offer.</li><li>Earlier this year, SPGP Holdings’ bid for Reid &amp; Taylor was rejected because it failed to deposit the earnest money, a paltry sum of ₹2 crore.</li><li>Yes Bank’s share price soared nearly 30% after the announcement but investors must remember the proof of the pudding is in the eating.</li></ul>Cash-strapped Yes Bank has been looking for an investor and Hong Kong-based SPGP Holdings has reportedly has made a ₹8,500 crore ($1.2 billion) binding offer, according to a television channel CNBC-TV18. Investors who were anxious about the bank’s survival heaved a sigh of relief and bet big money, taking the stock of Yes Bank higher by as much as 30% in afternoon trade on October 31. Earlier in August, Yes Bank had raised ₹1,930.46 crore through qualified institutional placement to fund its business expansion. The share price has more than doubled from its <a href="https://economictimes.indiatimes.com/markets/stocks/news/whats-next-for-yes-bank-after-shares-double-from-decade-low/articleshow/71823268.cms">ten year low </a>it hit this month in anticipation of such fundraising. However, investors must remember the same SPGP Holdings bid for Reid &amp; Taylor earlier this year. It <a href="https://www.thehindubusinessline.com/companies/nclt-mumbai-puts-rtils-liquidation-plans-on-hold/article25892000.ece">reportedly</a> had a corpus of $250 million but the bid was eventually rejected by the court because SPGP Holdings failed to deposit the earnest money, a paltry sum of ₹ 2 crore. The two-judge bench at India’s bankruptcy court slammed SPGP Holdings as they rejected its bid and handed it over to another Gujarat-based asset reconstruction firm. “You painted a rosy picture and misrepresented facts before us. This is just not correct. We waited for one week and now you say you cannot pay. This is contempt of court. You may withdraw your application. We are very unhappy with you,” Justice Mohan <a href="https://economictimes.indiatimes.com/markets/stocks/news/reid-taylor-case-court-dismisses-spgps-plea-new-investor-in-the-fray/articleshow/67551449.cms?from=mdr">reportedly</a> told SPGP director Pankaj Agarwal, who was present in court. For now, Yes Bank’s investors are in cloud nine. "The bank also continues to be in advanced discussions with other global and domestic investors," Yes Bank’s statement said, adding that the fundraising plan is subject to regulatory approvals and bank's board and shareholders approvals. The stock has lost over 60% of its value since the start of this year to hit a ten-year low. 
 
 
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 Hope floats that Yes Bank may come out of its current cash crunch and crisis of confidence, which is why the share price of Yes Bank has more than doubled in recent weeks. But investors must remember the proof of the pudding is in the eating. SEE ALSO: <a href="https://www.businessinsider.in/yes-bank-plans-to-grow-25-by-2020/articleshow/71105078.cms" data-type="tilCustomLink" target="_blank">YES Bank wants to customize branches, ramp up digitize customer acquisition to grow at a breakneck speed of 25%</a> <a href="https://www.businessinsider.in/yes-bank-stock-spikes-11-6-in-early-trade-as-it-stays-clear-of-losses/articleshow/70271361.cms">Yes Bank's share price is not celebrating the surprise profit because it has a capital problem</a> <a href="https://www.businessinsider.in/yes-bank-q1-earnings-report-yes-bank-share-price-q1-earnings-repor/articleshow/70261380.cms">Yes Bank profits dropped 91%-- but it was still way better than expectations</a>

Yes Bank’s white knight SPGP Holdings didn’t have ₹2 crore to bid for Reid & Taylor in Jan 2019

New Delhi, Six bidders have submitted bids for <keyword id="4957940" type="COMPANY" weightage="20" keywordseo="reliance-home-finance-limited">Reliance Home Finance Limited</keyword> (RHFL). Of these, only two bidders submitted compliant and <keyword id="3860654" type="PERSON" weightage="20" keywordseo="binding-bids">binding bids</keyword> and other four bids are non-binding and not compliant with bid conditions. The lenders have decided to further extend the bidding timeline till January 31, 2021, in order to accommodate the four non compliant bidders. The two compliant bidders opposed the arbitrary change of rules of the game by the lenders and the bidders threatened to walk away from the non-transparent process. The lenders of RHFL have received a total of six bids for its assets in response to the resolution process being run. However, only two bids are binding and compliant in nature with the bid conditions. The two compliant and binding bids are from Avenue, a US based fund and ARCIL, an Asset Reconstruction Company (ARC), as a joint bid. The second bid is by <keyword id="10464876" type="COMPANY" weightage="20" keywordseo="authum-investment-infrastructure-limited">Authum Investment &amp; Infrastructure Limited</keyword>, listed non banking finance company (NBFC). The other four bids are non-binding in nature and are also not compliant with the bid conditions. These for bidders have also not placed the mandatory bid bond of ₹10 crore. Kotak Special Situations Fund (KSSF) and <keyword id="10464877" type="COMPANY" weightage="20" keywordseo="asset-care-and-reconstruction-enterprise-limited">Asset Care and Reconstruction Enterprise Limited</keyword> (ACRE) have submitted non binding bid with several conditions, including exclusivity and has also asked for additional time of two months to complete due-diligence, even after the deadline which was extended multiple times. The other two ARCs namely, Invent and Alchemist have also submitted conditional bids which are non-compliant with the bids condition and have not paid the mandatory bid bond of Rs 10 crore. The lenders at their meeting held on December 17, 2020 decided to extend the bid time by two months till January 31, 2021 and invite revised bids from all the Bidders, so that non-compliant bidders may be accommodated. Avenue/Arcil and Authum -- the two binding and compliant bidders have opposed the lenders action citing an attempt to change the rules of the game and have threatened to walk away from the process. In August this year, lenders led by Bank of Baroda had invited expressions of interest for the assets of Reliance Home Finance and <keyword id="3646337" type="COMPANY" weightage="20" keywordseo="Reliance-Commercial-Finance">Reliance Commercial Finance</keyword>, both arms of <keyword id="6360090" type="DOMAIN" weightage="20" keywordseo="reliance-capital">Reliance Capital</keyword>. The resolution process is being managed by <keyword id="10464875" type="COMPANY" weightage="20" keywordseo="bobcapital-markets">BoBCapital Markets</keyword> (BoB Caps) and Ernst &amp; Young (EY). SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/wistron-apple-iphone-manufacturer-could-face-these-penalties-if-found-guilty/articleshow/79790319.cms">If investigators find Wistron management guilty, here's what is at stake for the company</a> <a href="https://www.businessinsider.in/stock-market/news/heres-what-analysts-say-if-you-should-subscribe-or-not-to-the-300-crore-ipo-of-antony-waste-handling-cell/articleshow/79790998.cms">Antony Waste Handling Cell ₹300-crore IPO will open on Monday— these are the risks and opportunities</a> <a href="https://www.businessinsider.in/business/news/ikea-india-cfo-says-she-still-has-3500-crore-to-be-spent-in-india-the-pandemic-has-changed-targets-but-not-the-investment-plan/articleshow/79790938.cms">INTERVIEW: Ikea CFO says she still has ₹3,500 crore to be spent in India⁠— the pandemic has changed targets but not the investment plan</a>

Six bidders submitted bids for Reliance Home Finance

New Delhi, Dec 10 () The board of private lender Yes Bank is willing to favourably consider the offer of USD 500 million investment of Citax Holdings and Citax Investment Group, the bank said on Tuesday.
 The USD 1.2 billion binding offer of Erwin Singh Braich/SPGP Holdings continues to be under the board's consideration, the bank said in a filing to stock exchanges.
 The board of Yes Bank met on Tuesday to consider the proposals.
 The board decided that the final decision regarding allotment to Citax Holdings and Citax Investment Group will follow in the next board meeting, subject to requisite regulatory approval, the filing said.
 "The binding offer of USD 1.2 billion submitted by Erwin Singh Braich/SPGP Holdings continues to be under discussion," it said.
 Yes Bank further said that it will continue to evaluate other potential investors to raise capital up to USD 2 billion.
 In late November, the lender had given the list of potential investors, including the two named above, who were willing to put money in the bank.
 Constraints on capital had forced the private sector bank to shrink its book in the September quarter. The bank has been going through a tumult for the last one year since the RBI forced the exit of its promoter and CEO Rana Kapoor in August 2018.
 His successor Ravneet Gill was forced to make the capital raise top priority because of doubtful bets taken by the bank under Kapoor. KPM MR
MR

Yes Bank to consider $500 mn offer of Citax group; Braich's offer under discussion

New Delhi, Feb 13 () Shares of Yes Bank on Thursday jumped over 6 per cent after the company said the management is "deeply engaged" in fund raising exercise.The scrip gained 5.68 per cent to close at Rs 37.20 on the BSE. During the day, it climbed 7.95 per cent to trade at Rs 38.On the NSE, it advanced 6.39 per cent to close at Rs 37.45.Yes Bank on Wednesday said the financial results for the third quarter ended December 2019 will be delayed and is expected by mid-March as the management is "deeply engaged" in fund raising exercise."As you are aware, the bank is currently engaged in capital raising. In this regard, we wish to disclose that we have received non-binding expressions of interest from several prominent investors. Given that the current capital-raising process has the bank's fullest attention, it would like to inform the exchanges that it will publish its unaudited financial results for the quarter and nine-month period ending December 31, 2019, on or before March 14, 2020," it said in a regulatory filing. Yes Bank said it has received non-binding expressions of interest from companies including JC Flowers &amp; Co. LLC; Tilden Park Capital Management LP; OHA (UK) LLP (part of Oak Hill Advisors); and Silver Point Capital. SUM RUJ

Yes Bank shares jump over 6 pc on fund raising buzz

As the deadline for the submission of binding bids approaches, the bidders of <keyword id="6360090" type="General" weightage="100" keywordseo="reliance-capital" source="Orion">Reliance Capital</keyword>, including Hinduja, Torrent, Zurich, and Piramal have flagged off various legal issues to the lenders and Administrator, involving Reliance Capital and its subsidiaries. These legal issues involve a cumulative liability of Rs 22,000 crore, and they need quick resolution for the successful closure of RCAP's resolution plan. According to sources, the bidders are likely to make a condition precedent of these issues to any payment to the lenders. The two big issues flagged off by the bidders are the impending resolution of <keyword id="3649632" type="General" weightage="50" keywordseo="reliance-home-finance-ltd" source="Orion">Reliance Home Finance Ltd</keyword> (<keyword id="1590678" type="General" weightage="50" keywordseo="rhfl" source="Orion">RHFL</keyword>) and the legal battle between the Administrator and IDBI Trusteeship for the control of <keyword id="157626" type="General" weightage="50" keywordseo="reliance-general-insurance" source="Orion">Reliance General Insurance</keyword>'s shares, which is pending in the NCLT. Authum Investment and Infrastructure Ltd had been selected as the successful bidder for RHFL in June 2021, but the resolution process has not yet been completed due to various litigation involving the debenture holders. The total debt of RHFL is Rs 11,500 crore. As far as Reliance General Insurance is concerned, the Independent actuarial <keyword id="5413795" type="General" weightage="50" keywordseo="tower-watson" source="Orion">Tower Watson</keyword> has valued this business at Rs 9,500 crore. Apart from these, the two other legal cases flagged off by the bidders are Axis Bank's claim of Rs 150 crore against Reliance Capital, which the bank has lost in the NCLT, and a case involving Administrator and IndusInd Bank, involving arbitration of Nippon Asset Management shares. The total liability in this matter is Rs 650 crore. The last date for submitting binding bids is November 28. The quick resolution of these legal matters is a challenge for the Administrator for the successful closure of the RCAP resolution plan. Reliance Capital had received 14 non-binding bids for its multiple businesses. Six companies had submitted bids for the entire company, while the rest of the bidders had submitted bids for its multiple subsidiaries. Torrent, IndusInd, Oaktree, Cosmea Financial, Authum Investment, and B Right Real Estate have submitted bids in the range of Rs 4,000 crore to Rs 4,500 crore for Reliance Capital's entire assets. For Reliance General Insurance business, Piramal Finance has bid Rs 3,600 crore, while <keyword id="1657992" type="General" weightage="50" keywordseo="zurich-insurance" source="Orion">Zurich Insurance</keyword>'s bid is Rs 3,700 crore. The third bidder, Advent, has bid Rs 7,000 crore for Reliance General Insurance. Jindal Steel and Power and <keyword id="8564251" type="General" weightage="50" keywordseo="uvarc" source="Orion">UVARC</keyword> have submitted bids for Reliance Capital's ARC business. For other assorted assets of Reliance Capital, 3 bidders -- Choice Equity, Global Fincap, and <keyword id="15413642" type="General" weightage="50" keywordseo="grand-bhawan" source="Orion">Grand Bhawan</keyword> -- have submitted the bids. RCAP's life insurance business, <keyword id="15259421" type="General" weightage="50" keywordseo="rnlic" source="Orion">RNLIC</keyword>, had not received any bid, but later on Aditya Birla Capital and Nippon Life Insurance, which is already holding 49 per cent equity in RNLIC, have evinced interest in acquiring RCAP's 51 per cent stake in this business. At the beginning of the resolution process of Reliance Capital over 54 companies had submitted Expression of Interest (EOI) for its various assets, out of which only 14 are now in the fray. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/electric-mobility-platform-moeving-raises-2-5-million-from-jsw-ventures/articleshow/95252790.cms">Electric mobility platform MoEving raises $2.5 million from JSW Ventures</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tumblr-to-allow-nudity-but-not-sexually-explicit-images/articleshow/95253755.cms">Tumblr to allow nudity but not sexually explicit images</a>

Reliance Capital bidders flag off multiple legal issues involving Rs 20,000 crore liability

New Delhi, Feb 12 () Troubled lender Yes Bank on Wednesday said the financial results for the third quarter ended December 2019 will be delayed and is expected by mid-March as the management is "deeply engaged" in fundraising exercise. "As you are aware, the bank is currently engaged in capital raising. In this regard, we wish to disclose that we have received non-binding expressions of interest from several prominent investors. "Given that the current capital-raising process has the bank's fullest attention, it would like to inform the exchanges that it will publish its unaudited financial results for the quarter and nine-month period ending December 31, 2019, on or before March 14, 2020," it said in a regulatory filing. Yes Bank said it has received non-binding expressions of interest from companies including JC Flowers &amp; Co. LLC; Tilden Park Capital Management LP; OHA (UK) LLP (part of Oak Hill Advisors); and Silver Point Capital. "The bank and its financial advisors are currently in discussions with these investors on the commercial terms, including pricing, of their investments which, it may be noted, will be subject to certain conditions and receipt of requisite approvals, including regulatory approvals with respect to the size of the stake to be acquired, as well as necessary dispensations with regard to applicable pricing guidelines," it said. The private sector lender said the delay in financial results exceeds the 45-day period from the end of the relevant quarter as stipulated under Regulation 33 of the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015. It also said the bank will further inform about the progress with respect to capital raising. On November 3, Chief Executive Officer Ravneet Gill had said the bank was aiming to finish a USD 1.2-billion equity-raising exercise by December 2019 and willing to give new investors a board seat. Earlier in August, it had raised Rs 1,930.46 crore through qualified institutional placement (QIP) to fund its business expansion. In January this year, Moody's Investors Service placed Yes Bank Ltd's long-term foreign currency issuer rating of 'B2' under review, with the direction uncertain on the bank's inability to raise new capital. The Mumbai-headquartered lender had total assets of Rs 3.5 lakh crore at the end of September 2019. Shares of Yes Bank on Wednesday closed at Rs 35.20 apiece on the BSE, down 4.48 per cent from the previous close. KPM HRS

Yes Bank to delay Q3 results till mid-March, says management 'deeply engaged' in fundraising

New Delhi, Jan 29 () Maintaining 'Rating Watch Negative (RWN)' on Yes Bank, India Ratings on Wednesday said the lender continues to remain in discussions with potential investors but raising sizeable capital in the near-term could be challenging.
 RWN indicates that the rating will be either affirmed or downgraded.
 India Ratings and Research (Ind-Ra) said it continues to await developments on Yes Bank's equity raising, which in the rating agency's opinion is critical for providing sufficient cushion to the possible credit cost impact from the stressed asset pool on regulatory capital requirement in the short- and medium-term.
It has maintained RWN on the Basel III tier-2 bonds of Rs 11,000 crore, additional Basel tier-1 bonds of Rs 11,100 crore and infrastructure bonds of Rs 3,580 crore. 
The agency has withdrawn the bank's short-term rating since there is no outstanding against the same.
"Although the liquidity position of the bank seemed adequate at end-September 2019 (liquidity coverage ratio of 114 per cent), Ind-Ra believes that in the absence of any swift capital raise, the bank's ability to manage its asset and liability maturities could get tested further.
"The bank continues to remain in discussions with various potential investors. However, Ind-Ra believes raising sizeable capital in the near term could be challenging and could require various regulatory and other approvals," it added. 
Ind-Ra would be reviewing the rating on the bank again in February.
The key rating drivers included delays in capital raising and rapid credit migration over the last few quarters in some of the bank's corporate exposure spread over multiple sectors.
The bank's liquidity coverage ratio was 114 per cent at end-September as against the regulatory requirement of 100 per cent.
It also said that bank's business model could evolve and may settle at lower non-interest income levels.
Yes Bank had initially planned to raise capital of over USD 1.2 billion in the current fiscal, but its board has rejected the binding term sheets of USD 1.2 billion offered by Canadian investor SPGP Group/Erwin Singh Braich. 
 Also, the decision to consider the binding term sheet of USD 500 million by Citax Investment Group is yet to be finalised by the board. 
 "Furthermore, the various approvals that the bank and/or the investors may require could extend the timeline of the proposed equity infusion," Ind-Ra said.
Mumbai-headquartered Yes Bank is a new generation private bank incorporated in 2004. The bank's asset size stood at Rs 3,71,160 crore at end-June 2019, with a net profit of Rs 1,720 crore in FY19. KPM ABM

Raising sizeable capital could be challenging for Yes Bank: Ind-Ra

New Delhi, Jan 10 () Yes Bank's independent director Uttam Prakash Agarwal has resigned citing "serious concerns" on "deteriorating practices" and the state of affairs at the private sector lender.
 "I hereby tender my resignation from the office of the Independent Director of Yes Bank as also Chairman of Audit Committee and Member of all other Committees of the Board with immediate effect," he said in his resignation letter addressed to Non-Executive Part Time Chairman Brahm Dutt.
There are serious concerns regarding deteriorating standards of the corporate governance, failure of compliance, management practices and the manner in which the state of affairs of the bank are being conducted by CEO and MD Ravneet Gill, Rajiv Ubeoi- Senior Group President Governance &amp; Controls, Sanjay Nambiar- Legal Head and the Board, Agarwal said in the letter.
 "I have raised my concerns on these very critical matters from time to time in the overall interest of Yes Bank and millions of its small and large depositors, investors, shareholders and all other stakeholders.
 "I have left no stone unturned to discharge my duties and thus wrote a letter detailing all these matters. Irrespective of my resignation, I hope, our Bank gets stabilised and protects the interests of all shareholders and stakeholders, under your able leadership," he said in the letter also addressed to other key officials.
 In a separate letter dated January 9, 2020 to SEBI Chairman Ajay Tyagi on these issues, he sought an urgent regulatory intervention from the capital markets regulator.
 Agarwal, a chartered accountant by profession, in his letter to SEBI Chairman said the bank CEO and MD in a meeting on October 31, 2019 had informed orally that the bank had received a commitment of USD 1.2 billion investment from a global investor.
 "No meeting of board of directors was held for considering this proposal," he said in the letter.
 "The CEO/MD for reasons best known to him, decided not to disclose name of such investor, leave alone tabling the binding offer received by him as stated in the press release on October 31, 2019," he said.
 Agarwal said this issue has "allowed certain set of people to take unfair and undue advantage of misleading information in a distorted manner influencing the decision of the investors and/or disseminating false or misleading news which may have enthused sale of purchase of securities."
 The troubled private sector lender on October 31, 2019 had informed about receiving a binding offer for a USD 1.2-billion (approximately Rs 8,500 crore) funding from an overseas investor through fresh issuance of equity shares.
Yes Bank stock settled at Rs 45, down 4.86 per cent on the BSE, KPM ANU

Yes Bank independent director Uttam Agarwal resigns

New Delhi, Mar 8 () Being steered by a government-appointed and eminent banker Uday Kotak-led board on its path to recovery, crisis-hit IL&amp;FS has sought extension of bid validity for five road projects that are faced with debts totalling over Rs 10,000 crore. Infrastructure Leasing and Financial Services (IL&amp;FS) had received time-bound binding bids for these five road projects, but the validity of those bids expired on February 29. These five projects are Chenani Nashri Tunnel project (CNTL), Pune Sholapur Road Development (PSRDCL), Jorbat Shillong Expressway Limited (JSEL), Hazaribagh Ranchi Expressway (HREL) and Jharkhand Infrastructure Implementation Company (JIICL). The five projects have received bids totalling Rs 7,489 crore, as against an aggregate debt of Rs 10,500 crore, as per an affidavit filed by the company before the National Company Law Appellate Tribunal (NCLAT). When contacted, an IL&amp;FS spokesperson told , "We are working with the bidders to get an extension of the bids and will follow the laid-out process for concluding the transaction on receipt of the extension." Out of the five projects, the company recently got approval from lenders for three projects -- PSRDCL, JSEL and CNTL -- for bids totalling approximately Rs 6,250 crore. However, an expired validity may pose challenges in sale of these assets in the absence of an extension, even if lenders have approved the bids. After a huge crisis came to light due to outstanding debt of over Rs 90,000 crore at IL&amp;FS, the government in October 2018 had seized control of the debt-trapped company and superseded its board by appointing a new one, led by Kotak as its chairman. The new board, as part of the overall resolution process for the IL&amp;FS Group, has sold a number of assets to clear dues and debt, while the process is underway for resolution of several other debt-laden projects. Out of the five road projects, Cube Highways has emerged as the highest bidder with Rs 3,900 crore bid for CNTL having debt of approximately Rs 5,454 crore, while Autostade of Italy is the top bidder for PSRDCL project with bid of Rs 1,404 crore as against total debt of Rs 1,925 crore. Sekura Roads has made the highest bid for JSEL project at Rs 916 crore, as against total debt of Rs 1,406 crore. According to the company's NCLAT affidavit, the binding bids received for these five road special purpose vehicles of IL&amp;FS Transport Services Ltd (ITNL), an IL&amp;FS subsidiary. have already been extended once. Post the earlier extension, the binding bids received for each of the ITNL SPVs were valid till February 29, 2020 and letters of intent were required to be issued to the respective highest bidders on or before that date. However, the company was unable to complete its process of seeking lenders' approval in time which has resulted in the bid validity expiring. While three projects now have lenders' approvals but lapsed bids, two projects --HREL and JIICL -- are also yet to get lenders' approval, which will be followed by approval from Justice D K Jain and the National Company Law Tribunal (NCLT) before letters of intent can be issued. Sekura Roads is the highest bidder for both these projects with bids valued at Rs 727 crore and Rs 512 crore for JIICL and HREL, respectively. In the meantime, global banking giant HSBC has filed a winding up petition in a Singapore court against an overseas subsidiary of ITNL for recovery of dues totalling more than Rs 1,000 crore. In the first such case against a group entity of IL&amp;FS, the Hongkong and Shanghai Banking Corporation (HSBC) is seeking to recover its funds parked in bonds worth RMB 1,000 million (over Rs 1,050 crore) maturing in 2021, which were issued by ITNL Offshore Pte Ltd. The plea, filed on February 27, has been listed for hearing on March 20 and "any creditor or contributory of the company desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose", as per a notice published in Singapore's government gazette on March 3. BJ MKJ

IL&FS seeks extension of bid validity for 5 road projects facing Rs 10,500-cr debt

The bidders for <keyword id="6360090" type="General" weightage="100" keywordseo="reliance-capital" source="Orion">Reliance Capital</keyword> assets have to submit their financial bids by August 29 (Monday), as the final deadline for the submission of bids ends tomorrow. The bidders will submit their final non binding indicative bids under two options. Under option 1, bidders can bid for Reliance Capital as a Core Investment Company (CIC), while the second option gives the bidders freedom to buy <keyword id="411324" type="General" weightage="80" keywordseo="rcap" source="Orion">RCAP</keyword>'s different business clusters, either individually or in combination. Though the lenders are more keen to sell Reliance Capital as a company (CIC) than individual businesses separately. The deadline for the submission of bids has been extended five times in the past by the lenders. The timeline for the completion of Reliance Capital's resolution process has also been extended twice by the lenders. Now, the final deadline to complete the process is 1 November 2022. At the beginning of the resolution process of Reliance Capital, over 54 companies had submitted Expression of Interest (EOI) for its various assets, but now there are only a handful of bidders actively engaged with the Administrator. According to the banking sources, out of the 54 EOIs received initially, currently only four-five bidders including Piramal Group and Yes Bank are actively engaged in the resolution process of Reliance Capital. Due to the poor response, the Committee of Creditors (COC) even waived off the condition of paying Rs. 75 Cr. Earnest Money Deposit (EMD), in the first submission date. The bidders major concerns have been regarding the treatment of three important business clusters of Reliance Capital i.e. Reliance Commercial Finance (<keyword id="6388800" type="General" weightage="80" keywordseo="rcf" source="Orion">RCF</keyword>), <keyword id="857313" type="General" weightage="50" keywordseo="reliance-home-finance" source="Orion">Reliance Home Finance</keyword> (<keyword id="5541231" type="General" weightage="80" keywordseo="rhf" source="Orion">RHF</keyword>) and <keyword id="157626" type="General" weightage="50" keywordseo="reliance-general-insurance" source="Orion">Reliance General Insurance</keyword> Company (RGIC). Both RCF and RHF had gone through a separate resolution process with Authum Investment and Infrastructure, much before RCAP was referred to NCLT. On the other hand, the shares of Reliance General Insurance, which is the most valuable asset in the entire business portfolio of RCAP, are held by IDBI Trusteeship on the behalf of Credit Suisse. IDBI Trusteeship has refused to release these shares for the ongoing NCLT-led resolution process. To allay the concerns of the bidders regarding the RCF and RHF, the COC has proposed that both the entities will be held in a separate Trust for the Authum Investment and Infrastructure's resolution. The combined debt of these two entities - RCF and RHF is around Rs. 25,000 Cr. The proposed Trust structure would ensure that the bidders of RCAP do not have to deal with this debt. The debt of RCAP is around Rs. 20,000 Cr. The Trust structure would ensure that out of Rs 45,000 crore debt, the Rs 25,000 crore debt of RCF and RHF is excluded from this resolution process. As far as RGIC's shares are concerned, there has been a stalemate between the lenders and IDBI Trusteeship. IDBI Trusteeship Services Limited acting in its capacity as a debenture trustee on behalf of Credit Suisse, had invoked the pledge of RCAP's 100 per cent shareholding in RGICL in November 2019 and transferred the shares to its account. RGICL is the most valuable asset of RCAP and the Administrator wants to include the same as a part of RCAP's IBC process and debt resolution, but with the IDBI Trustee refusing to release the shares of RCIC, the process seems to have hit a roadblock. According to the bankers involved in the process, the value of Reliance General Insurance's business is estimated to be around Rs 5,000 crore to 6,000 crore. Bidders have raised questions and concerns as to how they can submit bids for Reliance General Insurance if the shares of the company are held by IDBI Trusteeship, who has refused to release the same for inclusion in the ongoing IBC process. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/markets-under-pressure-and-look-vulnerable-arun-kejriwal/articleshow/93845387.cms">Markets under pressure and look vulnerable: Arun Kejriwal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/lg-tone-free-fp9-tws-buds-review-underrated-tws-with-a-lot-of-potential/articleshow/93804655.cms">LG TONE Free FP9 TWS Buds Review: Underrated TWS with a lot of potential</a>

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