Yes Bank’s board has approved to raise a capital of Rs 8,898 crore from funds affiliated with private equity investors Carlyle and Advent International. Both the funds will potentially acquire 10 per cent stake each in the bank. This will be raised through a combination of Rs 5,100 crore in equity shares and Rs 3,800 crore through equity share warrants.
Yes Bank has also increased authorized share capital to Rs 8,200 crore from Rs 6,200 crore. During the board meeting, the bank proposed to issue Rs 370 crore equity shares on a preferential basis at a price of Rs 13.78 per share and Rs 257 crore warrants convertible into equity shares at a price of Rs 14.82 per warrant to both the investors.
Board has approved the convening of an extraordinary general meeting of the shareholders of the bank on August 24, 2022 to increase the authorised share capital of the bank, and amendment to the Articles of Association of the Bank.
Prashant Kumar, Managing Director & Chief Executive Officer, Yes Bank said, “We are extremely pleased to onboard such pedigreed investors like Carlyle and Advent International as our partners, in fulfilling the long-term strategy of the Bank. This is a testimony to the inherent strength of the Bank’s franchise. We are excited about the incremental opportunities that this partnership creates for us and confident that both the investors will play a crucial role in the next growth phase of the Bank.”
GIFT City gets Another Gift
Prime Minister Narendra Modi has launched India’s first international bullion exchange at the Gujarat International Finance Tec-City (GIFT City). This exchange will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India.
PM Modi said that India is one of world’s leading economies and will grow bigger. We should build institutions that can cater to our present and future roles. he highlitghted that the country accounts for 40 per cent share in real time digital payments in world.
Apart from that, PM also launched the NSE IFSC-SGX Connect platform. Under this system, all orders on Nifty derivatives placed by members of Singapore Exchange Limited (SGX) will be routed to and matched on the NSE-IFSC order matching and trading platform. The Connect platform will deepen liquidity in derivative markets at GIFT-IFSC.