REG - YES Bank Limited - Disclosure under Indian Regulations

Yes BankAnnouncement

12/02/2020 15:55

RNS Number : 8156C
YES Bank Limited
12 February 2020
 


YBL/CS/2019-20/168
 
February 12, 2020
 



India International Exchange IFSC Limited
101 First Floor, Hiranandani Signature Tower,
GIFT City IFSC - 382355, Gujarat, India


The Singapore Exchange Securities Trading Limited
2, Shenton Way #19-00
SGX Centre 1, Singapore 068804




The London Stock Exchange
10, Patemoster Square,
London, EC4M 7LS
 







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Dear Sirs,
 
Sub:    Submission of unaudited financial results for the quarter and nine months period ending December 31, 2019 pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
 
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 ("EOIs") from several prominent investors. These include J.C. Flowers & Co. LLC; Tilden Park Capital Management LP; OHA (UK) LLP (part of Oak Hill Advisors); 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.
 
The Bank and its management is deeply  engaged with the exercise outlined above and which includes extensive work with its investment bankers, legal and accounting advisors, the investors and the independent vendor/legal due diligence commissioned for 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. This 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.
 
While we shall keep the Exchanges apprised of progress with respect to capital raising, in the meantime, we request you to kindly take note of our decision to announce our quarterly financial results for Q3 FY 2019-20 on or before March 14, 2020.
 
Thanking you,
 
Yours faithfully,
For YES BANK LIMITED
 
 
 
Shivanand R. Shettigar
Group Company Secretary




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