Home >Industry >Banking >Yes Bank board approved fund raising of Rs10,000 cr by issue of debt securities

Yes bank on Thursday said that the board has approved the raising of funds worth 10,000 crore by issue of debt securities.

“In its meeting held on June 10 have, inter alia, considered and approved seeking shareholders’ approval for borrowing/raising funds in Indian/foreign currency up to an amount of Rs. 10,000 crores by issue of debt securities including but not limited to non-convertible debentures, bonds, Medium Term Note (MTN) etc," said the bank in a press release.

Private lender Yes Bank on Friday reported a net loss of 3,787.75 crore for the March quarter. The bank had reported net loss of 3,668 crore (excluding extraordinary income) in the same quarter last year. The gross non-performing assets (NPAs) stood at 15.41% in Q4 as compared to 15.36% in the previous quarter. The net NPAs came at 5.88% versus 4.04% quarter-on-quarter (QoQ). The bank’s loan book shrank 3% in 2020-21, but the management is confident of clocking a 15% credit growth in FY22.

Recently the Securities Appellate Tribunal (SAT) had imposed an interim stay on a Securities and Exchange Board of India's (Sebi's) order issued on 12 April, in which a penalty of 25 crore was slapped on Yes Bank, and three of its executives for allegedly not informing investors of risk factors while facilitating the sale of the AT-1 bonds in the secondary market.

The Central Bureau of Investigation (CBI) has registered a case against Gautam Thapar, the promoter of Avantha Group, and others for alleged diversion of public money to the tune of 466.15 crore, following a complaint by Yes Bank. Thapar is already under investigation in a case registered by CBI in March 2020 for allegedly bribing Rana Kapoor, the co-founder of Yes Bank.

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