Yes Bank delays announcement of Q3 results due to fund-raising exercise

Mumbai (Maharashtra) [India], Feb 13 (ANI): Private sector lender Yes Bank has delayed the announcement of its third quarter (October to December) results of current financial year on the ground of fund-raising exercise which is currently underway.
The bank has received non-binding expressions of interest from several prominent investors including JC Flowers and Compamy LLC, Tilden Park Capital Management LP, OHA (UK) LLP (part of Oak Hill Advisors) and Silver Point Capital.
Reports said JC Flowers, a private equity fund specialising in turnaround of financial firms around the world, is leading a consortium that plans to invest as much as two billion dollars (about Rs 14,250 crore) in Yes Bank.
The bank said its management is deeply engaged with the exercise which includes extensive work with investment bankers, legal and accounting advisors, investors and independent vendors for legal due diligence commissioned for investors.
"Given that the current capital raising process has the bank's fullest attention, it would like to inform the exchanges that it will publish its unaudited financial results for the quarter and nine month period ending December 31, 2019 on or before March 14, 2020," it said in regulatory filings at stock exchanges.
This exceeds the 45 day period from the end of the relevant quarter as stipulated under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, it added.
"While we will keep the exchanges apprised of progress with respect to capital raising, in the
meantime, we request you to kindly take note of our decision to announce our quarterly
financial results for Q3 FY 2019-20 on or before March 14," said the bank.
For the second quarter of current fiscal year ending September (Q2 FY20), Yes Bank had Friday reported a whopping loss of Rs 600 crore due to a one-off deferred tax asset (DTA) adjustment of Rs 709 crore on account of change in corporate tax rate regime.
The bank's financials came under scrutiny last year due to burgeoning bad loans and management uncertainty after the Reserve Bank of India declined to extend the term of founder Rana Kapoor as the chief executive in 2018.
Under the new Chief Executive Officer Ravneet Gill, the bank has managed to raise one round of funds through share sale to institutional investors so far.
(ANI)