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Yes Bank Poised to Reject $1.2 Billion Bid From Canadian Tycoon

  • Board likely to reject Braich, SPGP offer at Tuesday meeting
  • Bank is in discussion with institutions on making up shortfall
Yes Bank Slumps 30 Percent After Surprise Quarterly Loss
Photographer: Dhiraj Singh/Bloomberg
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Yes Bank Ltd. is likely to reject an offer that made up more than half of its planned $2 billion capital raising, and is talking to institutional investors about making up the shortfall, according to a person familiar with the matter.

At a meeting on Tuesday, the board is expected to reject an offer from Canada’s Erwin Singh Braich and Hong Kong-based SPGP Holdings to contribute $1.2 billion toward the fund raising, according to the person, who asked not to be identified because the discussions are private.