Cabinet Committee on Economic Affairs (CCEA) has cleared the proposal of private sector lender YES Bank to raise Rs 2,650 crore via qualified institutional placement (QIP) from overseas. The bank proposes to increase the foreign equity participation up to 60% through a QIP of its equity shares to eligible non-resident investors.
The proposal was cleared by the Foreign Investment Promotion Board (FIPB) in April, but since the investment was of more than Rs 1,200 crore, CCEA’s approval was warranted which was given out on Thursday.
The fourth largest private sector bank, earlier reported that it was planning to raise $500 million incremental capital during the current year. The bank aimed to raise this capital during the current year, through GDRs in combination with QIPs and Domestic Institutional Investors (DII), in order to ensure fullest and widest participation of all investor classes.
Yes Bank has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. The bank has a knowledge driven approach to banking, and a superior customer experience for its retail, corporate and emerging corporate banking clients.
