Yes Bank News - Yes Bank to plan $1 billion share sale in public offering

Yes Bank Ltd is planning to raise at least 80 billion rupees ($ 1 billion) in a public offering of shares to increase its capital according to Yes Bank News. The people said that the bank, which counts two of the largest lenders Indian banks, State Bank of India and HDFC Ltd. its investors, will begin raising funds soon. People said this could help Yes Bank raise its Tier-1 core capital ratio to about 10%, from 6.3% as of end-March - Yes Bank News.

A share sale would follow the regulatory application by Yes Bank to fast-track its capital increase after rebounded shares of the lender 73% since it was rescued by the Reserve Bank of India in March.

Yes bank which received 100 billion rupees of capital infusion from eight local lenders led by the State Bank of India could issue instruments including shares or convertible bonds, he said in a  filing in March according to Yes Bank News. Its CEO, Prashant Kumar, said the bank plans to raise 150 billion rupees to boost its financial strength.

People said discussions are ongoing and details of fundraising could still change.

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