Yes Bank shares tumble 5% ahead of board meeting; lender to finalise, approve proposed capital infusion

New Delhi: Shares of Yes Bank on Tuesday declined by over 5 percent 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 percent to Rs 53.40. The scrip on the NSE tumbled by 5.15 percent to Rs 53.35.

#CNBCTV18Market | YES BANK extends losses pic.twitter.com/xVr7BHa1yH

— CNBC-TV18 (@CNBCTV18Live) December 10, 2019

The bank had said eight investors led by Erwin Singh Braich have evinced interest to pump $2 billion into the lender. The private lender in November said its board of directors will reconvene on 10 December 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 $25 million each, the bank had said. The largest investor is Braich/SPGP Holding, which has committed $1.2 billion, followed by Citax Holding with $500 million commitment, the bank said, adding that discussions with Braich/SPGP are going on and expected to be concluded shortly.