Yes Bank's capital raising committee will meet tomorrow to consider a proposal for private placement of equity shares with an international investor. | |
| The size of the placement to be done by way of a preferential issue is not known. Yes Bank had earlier said it planned to raise tier I capital worth around $100 million (Rs 465 crore) by March to fund its growth plans, though the route had not been decided. |
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| The promoter's holding as of March 31, 2006 stands at 38.61 per cent. Rabo Bank holds 19.8 per cent equity stake. Private equity investors own a total of 18 per cent with Citicorp International Finance holding 7.41 per cent stake and Russell AIF Capital and Chrys Capital holding 5.56 per cent each. |
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| In August 2004, the RBI had allowed the bank's promoters - Rana Kapoor and Ashok Kapur - to have a lock-in period for their shares until 2009. |
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| "The promoters had 55 per cent stake in August 2004, which came down substantially to 38.6 per cent after the initial public offering in July 2005 and will come down further in the next issue," said Rana Kapoor, managing director, Yes Bank. |
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| Post-equity issue, private equity investors will have to cut their stake below 5 per cent each in the bank, while Rabo Bank's 20 per cent stake in the bank will also be down proportionately. |
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| Yes Bank had earlier announced aggressive growth plans, which included setting up 60 bank branches and 75 offsite ATM Centres by June next year, two processing centres at DLF Cyber City Centre at Gurgaon and Tiecicon House at Mahalaxmi, Mumbai. |
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