Yes Bank plans up to $1 billion share sale

MUMBAI (Reuters) - Yes Bank Ltd, India's fifth-biggest private sector lender by assets, said on Wednesday its board approved a plan to raise up to $1 billion by selling stock in local or overseas markets to shore up its capital base.

The bank needs approval from shareholders and regulators before it goes ahead with the sale, finance chief Rajat Monga told reporters. He did not give a timeline for the sale but said the funds will mostly be used for growth.

In a separate stock exchange filing, Yes Bank said the share sale could happen in one or more tranches. It raised $500 million from a stock sale last May.

 

The bank's fourth-quarter net profit rose 28 percent to 5.51 billion rupees ($87.6 million) from a year earlier.

($1 = 62.9300 rupees)

(Reporting by Devidutta Tripathy; Editing by Anand Basu)