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| Yes Bank to raise $400 mn via equity, debt |
| Press Trust of India / New Delhi Jun 14, 2009, 15:36 IST |
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Expecting exponential growth in the next five years, private lender Yes Bank today said it will raise $400 million (about Rs 2,000 crore) by means of equity through a follow-on public offer, and debt.
"From here we are looking for growth of up to 45 per cent on a year-to-year basis. We have been building the foundation of the bank for the last five years and now is the time to actualise high growth," Rana Kapoor, managing director and CEO of Yes Bank, told PTI.
In the first tranche, the bank is likely to hit the bond market to raise $150 million by the end of the current financial year or the early next fiscal, Kapoor said adding that the second capital raising event would be a follow-on public offer of up to $250 million.
Asked about the total business by 2015, he said, "We are expecting our balance sheet of Rs 1,25,000 crore to Rs 1,50,000 crore of both advances and deposits."
The bank reported a net profit of Rs 303.8 crore for 2008-09, a growth rate of nearly 52 per cent over the previous year.
"The key differentiator for Yes Bank has been the unique knowledge-driven approach to offering industry-specific financial solutions that go beyond the traditional realm of banking," Kapoor said.
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