Yes Bank to close $1 billion fundraise from Carlyle and Advent International

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This comes after a long delay due to an ongoing deal to lay off large amounts of bad loans via Asset Reconstruction Company (ARC)

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Carlyle, a private equity firm based in Washington, is interested in acquiring 10% of Yes Bank via convertible debt.

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The board meeting to discuss the fundraising will be held during mid-July

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Reports from last year said Carlyle was considering an investment of up to $600 million (Rs 3,750-4,500 crore) in Yes Bank.

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As per a recently released report, Carlyle will sell its entire stake in SBI Cards & Payments Services for as much as Rs 2,558 crore.

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Yes Bank will offload 49,000 crore rupee in bad loans by its partner JC Flowers ARC as it works to clean up the books and raise capital for credit growth.

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The bad loan book of Rs 49,000 crore includes technical write-offs of Rs 17,000 crore and soured investments.

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After 2 years, the Reserve Bank of India and the government adopted a plan to save Yes Bank from bankruptcy via a loan restructuring. The bank announced on 8 June that it had begun to exit the reconstruction plan.

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The board of directors appointed under the scheme recommended that a new board be created and it would seek shareholders' approval.

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