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Yes Bank plans QIP to raise $300 mn by December

Yes Bank plans QIP to raise $300 mn by December
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First Published: Mon, Apr 14 2008. 02 28 PM IST
Updated: Mon, Apr 14 2008. 02 28 PM IST
PTI
Mumbai: New-generation lender Yes Bank plans to raise $300 million (Rs1,200 crore) by December as a part of its expansion plans.
“We will be raising around $150 million each in our Tier-I and Tier-II structures. This exercise should be completed by December,” Yes Bank’s managing director and CEO Rana Kapoor told PTI here.
While all options are being considered, it is understood the private bank is zeroing in on the QIP route to raise these funds.
Yes Bank is currently fine-tuning its expansion plans over the next 1-2 year period, aimed at solidifying its position in the domestic market.
“By September 2010, we are aiming for a 250-strong branch network,” Kapoor said.
At present, the bank has 67 branches across the country.
The lender proposes to launch its asset reconstruction company in the next few months and plans to enter the retail broking and asset management businesses over the next 18-24 months.
Yes Bank has posted a Rs64.5-crore net profit for the quarter-ended March 31, 2008. Its total income grew to Rs494.3 crore from Rs281.1 crore in the year-ago period.
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First Published: Mon, Apr 14 2008. 02 28 PM IST