Yes Bank to raise US$2bil in share sale to lift capital

IYes Bank will sell the shares to foreign and domestic institutions as well as retail investors, it had said earlier. State Bank of India (SBI), the company’s largest shareholder, has already committed 17.6 billion rupees

MUMBAI: Yes Bank Ltd, the Indian lender that was rescued this year after being inundated with bad loans, plans to raise as much as 150 billion rupees (US$2bil) in a public offering to shore up capital.

The share offering will be from July 15 to 17, according to a stock exchange filing yesterday. The Mumbai-based bank had earlier planned to raise at least 80 billion rupees, sources said last month.