Yes Bank to raise $400 mn via equity and debt
Expecting exponential growth in the next five years, private lender Yes Bank said it will raise $400 million dollars by means of equity through a follow-on public offer and debt.india Updated: Jun 14, 2009 20:40 IST
Expecting exponential growth in the next five years, private lender Yes Bank on Sunday said it will raise 400 million dollars (about Rs 2,000 crore) by means of equity through a follow-on public offer, and debt.
"From New Delhi we are looking for growth of up to 45 per cent on a year-to-year basis. We have been building the foundation of the bank for the last five years and now is the time to actualise high growth," Rana Kapoor, Managing Director and CEO of Yes Bank, told PTI.
In the first tranche, the bank is likely to hit the bond market to raise 150 million dollars by the end of the current financial year or the early next fiscal, Kapoor said adding that the second capital raising event would be a follow-on public offer of up to 250 million dollar.
Asked about the total business by 2015, he said, "We are expecting our balance sheet of Rs 1,25,000 crore to Rs 1,50,000 crore of both advances and deposits."
The bank reported a net profit of Rs 303.8 crore for 2008-09, a growth rate of nearly 52 per cent over the previous year.
"The key differentiator for Yes Bank has been the unique knowledge-driven approach to offering industry-specific financial solutions that go beyond the traditional realm of banking," Kapoor said.