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FIPB recommends Yes Bank's $488 million foreign investment plan

Private-sector lender Yes Bank plans to raise the funds through a qualified institutional placement (QIP) of equity share

Reuters New Delhi

Last Updated : Apr 29 2013 | 5:54 PM IST

India's Foreign Investment Promotion Board (FIPB) has recommended Yes Bank's 26.5 billion rupees foreign investment proposal for the consideration of the Cabinet Committee on Economic Affairs, a finance ministry statement said on Monday.

Private-sector lender Yes Bank plans to raise the funds through a qualified institutional placement (QIP) of equity shares or by issuing global depository receipts to foreign institutional investors, the statement said.