Yes Bank gets binding offer for US$1.2b stake sale

The Mumbai-based lender jumped as much as 39% in trading on Thursday following the announcement.

MUMBAI: India’s Yes Bank Ltd. said it got a $1.2 billion binding offer from a global investor for its share sale, sending its stock surging.

The Mumbai-based lender jumped as much as 39% in trading on Thursday following the announcement. The company didn’t name the investor in its exchange filing, though CNBC-TV18 said it was Hong Kong-based SPGP Holdings. The report didn’t identify sources.