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Yes Bank Gets Shareholders Approval To Raise Upto Rs. 10,000 Crores

By Lawstreet News Network      Feb 08, 2020      0 Comments      1,395 Views

As seen on the 7th of February, 2020, Yes Bank has received the shareholder's approval to raise upto Rs. 10,000 crores. The amount will be raised through issuance of equity shared or other convertible securities. The autbroised share capital of the bank will increase to Rs. 1,100 crores from Rs. 8000 crores.

The decision to raise capital is to meet the minimum capital requirement that the Reserve Bank of India (RBI) has imposed. 

Yes bank has roped in Anshu Jain, former Chief of Deutsche Bank who is heading global investment bank Cantor Fitzgerald and 2 other domestic companies for it's fund raising of $2 billion. Other merchant bankers who have been appointed by the private lender include IDFC Securities and Ambit Capital. 

The raised funds are to be put to meet the expansion plans of the lender, human capital, infrastructure, technology and a further paramount lending opportunities.

The Yes bank's stock on National Stock Exchange on the 7th of February, 2020 closed 0.39% at Rs. 38.7. 

In late 2019 - September, Yes Bank's capital adequacy was 8.60% just above the mandatory 8% level. In August 2019 it had managed to raise $275 million by selling shares to a bunch of domestic and foreign portfolio investors. 

In January 2019, Yes Bank had rejected Erwin Singh Braich's $1.2 billion investment offer. 

 

Author - Dyuti Pandya. 



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