Yes Bank to raise up to $500 mn in FY12

Yes Bank to raise up to $500 mn in FY12

Mumbai: Private sector lender Yes Bank on Wednesday said it plans to raise up to 500 million (about 2,000 crore) during the current fiscal to fund business growth.

The board has approved to raise funds by way of issuance of equity capital of up to $500 million in one or more tranches, Yes Bank said in a statement.

The issuance may be by way of Qualified Institutional Placement (QIP) or any other international offering like Global Depository Receipts, American Depository Receipts or by way of any other appropriate mode as decided by the bank, it said.

During 2010-11, the bank raised 1,171.4 crore from Tier-I and Tier-II bonds.

Meanwhile, the bank posted a 45% jump in net profit at 203.4 crore for the fourth quarter ended 31 March, 2011.

The bank had a net profit of 140 crore in the same quarter in the previous fiscal.

Total income of the bank rose to 1,409.3 crore in the January-March quarter as compared to 824.7 crore in the same period previous fiscal.

Net Interest Income improved by 42.7% to 348.8 crore as against 244.2 crore in the same quarter an year ago.