It is reported that Hinduja Group will acquire a certain percentage stake in Yes Bank. Hinduja Group is buying shares of Yes Bank in partnership with US-based Cerberus Capital Management.
The two companies have been contacted by the Reserve Bank about the deal.
Yes Bank now needs huge funds to handle its business activities. Various companies are choosing to invest in Yes Bank. Yes Bank said last week that companies including Jesse Flowers & Co, Tilton Park Capital Management, Oak Gill Advisors and Silver Point Capital have submitted their applications. Now it is reported that Hinduja Group will buy shares in Yes Bank. Indusind Bank is already operating under the Hinduja Group. Two banks of the same company should not hold large shares. Two banks can hold shares of less than 10 percent. RBI imposes control over more than 10 percent of the partnership. At the moment, the Hinduja Group is likely to buy 10 per cent stake in Yes Bank.
Meanwhile, the bank has stated that it will not participate in any deal with the deal.