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Yes Bank Gets Binding Offer for $1.2 Billion Stake Sale

  • Lender’s shares advance 24% in Mumbai after the announcement
  • Gill has been trying to raise capital since joining in March
Yes Bank Slumps 30 Percent After Surprise Quarterly Loss
Photographer: Dhiraj Singh/Bloomberg
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India’s Yes Bank Ltd. said it got a $1.2 billion binding offer from a global investor for a stake sale, resulting in a rally that helped make it the world’s best performing bank share this month.

The Mumbai-based lender jumped 24% at the 3:30 p.m. close in Mumbai on Thursday following the announcement. The company didn’t name the investor in its exchange filing, though CNBC-TV18 said it was Hong Kong-based SPGP Holdings. The report didn’t cite anyone.