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Yes Bank Ltd, India's fifth-biggest private sector lender by assets, said on Wednesday its board approved a plan to raise up to $1 billion by selling stock in local or overseas markets to shore up its capital base.
In This Pic : Yes Bank plans up to $1 billion share sale
Pic Courtesy : BCCL - Non Copyright
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The bank needs approval from shareholders and regulators before it goes ahead with the sale, finance chief Rajat Monga told reporters.
In This Pic : Yes Bank plans up to $1 billion share sale
Pic Courtesy : BCCL - Non Copyright
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He did not give a timeline for the sale but said the funds will mostly be used for growth.
In This Pic : Yes Bank plans up to $1 billion share sale
Pic Courtesy : BCCL - Non Copyright
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In a separate stock exchange filing, Yes Bank said the share sale could happen in one or more tranches. It raised $500 million from a stock sale last May.
In This Pic : Yes Bank plans up to $1 billion share sale
Pic Courtesy : BCCL - Non Copyright
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The bank's fourth-quarter net profit rose 28 percent to 5.51 billion rupees ($87.6 million) from a year earlier.
In This Pic : Yes Bank plans up to $1 billion share sale
Pic Courtesy : BCCL - Non Copyright
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