PremiumVerventa Holdings, an affiliate of Advent International and CA Basque Investments, part of the Carlyle Group are to acquire 10 per cent stake each in Yes Bank
The Competition Commission of India (CCI) on Thursday approved the proposed proposed ₹8,900 crore deal wherein two entities will buy stakes in Yes Bank.
Verventa Holdings, an affiliate of Advent International and CA Basque Investments, part of the Carlyle Group are to acquire 10 per cent stake each in Yes Bank.
“The Commission approved the proposed combination relating to the acquisition of equity securities amounting to up to 10 percent of the total paid-up share capital and voting rights of the target (Yes Bank) by the acquirer (Verventa Holdings)," said the release by CCI.
The proposed combination involves the acquisition of up to 10 per cent each of the total paid up share capital and voting rights of Yes Bank by CA Basque Investments and Verventa Holdings, according to official releases.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the market place.
In July, Yes Bank announced raising of equity capital of ₹8,900 crore from funds affiliated with two private equity investors -- Carlyle and Advent International. The board of directors has approved to allot ₹369.61 crore equity shares at a price of ₹13.78 per share and ₹256.75 crore warrants exchangeable into equity shares, at a price of ₹14.82 per share, through preferential allotment on a private placement basis, which is subject to the approval of shareholders and RBI.
Yes Bank in September announced that its board approved the sale of $6 billion stressed debt to private equity firm JC Flowers.