The board of directors of Yes Bank today approved a proposal to issue 1.47 crore equity shares on a preferential basis to Orient Global Tamarind Fund Pte (Orient Global Tamarind) for Rs 331 crore.Orient Global Tamarind is a part of the Orient Global group, a Singapore - based private investment company founded by Richard Chandler. The preferential issue of tier-I equity capital, constituting 4.99% of the expanded share capital of the bank, is subject to necessary regulatory and shareholder approvals. The shares have a lock-in period of one year from the date of issue. The resulting investment (approximately $84 million) will enable the bank to accelerate its growth initiatives and build on the significant momentum it has generated across its various businesses since it commenced commercial operations in August 2004. Rana Kapoor, MD & CEO, Yes Bank, said: "This partnership with a highly principled and reputable investor like Orient Global validates our business and financial model in the competitive banking sector and underlines the confidence of long-term value investors in Yes Bank. This investment will further complement our expertise in providing knowledge-based products and services to our customers in our on-going quest to build one of the world's best quality bank in India."
