JC Flowers & Co, a private equity fund specialising in the turnaround of financial firms around the world, is leading a consortium that plans to invest as much as $2 billion in Yes Bank.
About half-a-dozen investors, including JC Flowers & Co, Tilden Park Capital Management, OHA (UK) (part of Oak Hill Advisors) and Silver Point Capital, have sent in ‘non-binding’ expressions of interest, and the investment could be in two stages.
“The bank and its financial advisors are currently in discussions with these investors on the commercial terms, including pricing, of their investments which…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 said in a late evening exchange filing after ET had earlier sent the lender a query on potential investors in the current round of capital raising.
Industry executives told ET that the proposals include a preferential sale of shares to JC Flowers & Co and some investors followed by a rights share sale by Yes Bank. The firm, led by