Yes Bank Board Okays Raising Funds Up To Rs 10,000 Cr
Mumbai-headquartered Yes Bank on Tuesday said that its board has approved the raising of funds aggregating up to Rs 10,000 crore.
“The Board of Directors of Yes Bank in its meeting held on December 21, 2021, inter alia, have considered and approved raising of funds by issue of equity shares/depository receipts / convertible bonds/debentures/warrants / any other equity-linked securities, through permissible modes, subject to necessary approvals from shareholders/ regulators, as applicable for an amount up to Rs 10,000 crores,” Yes Bank said in a regulatory filing.
Concerning this matter, the bank will seek shareholder permission, which will effectively result in a request for an extension on the present shareholder approval, which will expire on February 28, 2022, according to the private lender.
In June, the board approved raising up to Rs 10,000 crore by issuing debt securities.
For the quarter ended September, Yes Bank posted a profit after tax of Rs 225 crore, up 74.3 percent year-over-year, mainly due to its decision of cutting down provisioning requirements. The bank's profit after tax concluded at Rs 129 crore in the same quarter, a year ago.
Lately, Yes Bank had announced joining hands with Amazon Pay and Amazon Web Services (AWS) to offer customers an instant real-time payment system via the UPI transaction facility.