Yes Bank gets shareholders' nod to raise USD 1 billion via QIP

Yes Bank today got shareholders' nod for raising USD 1 billion (about Rs 6,700 crore) from various instruments, including Qualified Institutional Placements (QIPs).

Besides, the shareholders also approved the re-appointment of Rana Kapoor as MD & CEO of the bank for a further period of 3 years, effective September 1, 2018, Yes Bank said in a statement after the annual general meeting held earlier today.

The re-appointment is subject to final approval by the Reserve Bank of India (RBI), the company said.

"The shareholders have approved through special resolution to raise capital aggregating up to USD 1 billion by way of issue of shares (QIP/ADR/GDR/FCCB)," it said.

The shareholders also approved through special resolution the proposal to borrow/raise funds in Indian/foreign currency by issue of debt securities, including but not limited to Non-Convertible Debentures, Medium Term Notes and Bonds up to a total amount of Rs 30,000 crore, it said.

The shareholders approved through special resolutions to raise the total borrowing limit of the bank to Rs 1.10 lakh crore.

The company also received shareholders' nod for a dividend at the rate of Rs 2.7 per equity share of Rs 2 each (or 135 per cent) as recommended by the Board of Directors of the bank, with an overwhelming majority, it said.