Reports of Yes Bank approve a 10,000 crore fundraising plan

The board of directors of Yes Bank approved fundraising through debt repayments or depository receipts. The lender claimed that it will seek approval from its stockholders. It seeks an extension to the current shareholder approval that expires on 28th Feb in the coming year.

The board of directors of Yes Bank conducted a meeting on 21st Dec. It is where the lender approved fundraising by the issue of debt repayments or depository receipts. It permits fundraising through permissible modes. It allows applicants to opt for a sum of Rs 10,000 crores.

The private bank stated that in the regulatory filing, Yes Bank seeks approval from its stockholders.

There will be an extension to the shareholder plan, which expires on the 28th of Feb 2022.

Based on the terms of SEBI and other functional provisions, the stock exchange-based report reads that the Yes Bank director’s board has approved and considered the approval of Rs 10,000 crores.

It grants fundraising in foreign and Indian currency by issue of debt repayments. It does not limit to non-convertible debentures, MTN, and bonds.

The storehouse has raised 15 crores from its follow-on public issues.

It was its first equity fundraising followed by the SBI-led reconstruction. SBI claims got implemented after RBI approval in March 2020. It stipulates that SBI should hold a minimum of 26% stake in three years consecutively. . For more news, follow our Youtube channel.

Besides, Yes Bank plans to raise through various installments and it includes bonds and equity. The board of directors is yet to mention the amount that it plans to raise through the issue of convertible bonds. Additionally, Yes Bank conducted a meeting on 21st December to seek permission from its stockholders. The lender confirmed having permission to raise funds till the 28th of February.

Reportedly, Yes Bank share closes at 13.40 apiece the BSE, down to 2.69 since its last close.

Reports say Yes Bank partners with NPCI to launch credit cards on the RuPay platform.

The reserver has partnered with NPCI to launch credit cards on the RuPay platform. Reportedly, Yes Bank collaborated with NPCI to launch credit cards on the ingeniously designed platform. The head of credit card acquisition at Yes Bank claimed that the partnership aligns with the ongoing plans to offer credit card deals for customers.

The private sector lender had a tie-up with Mastercard. But, problems started arising as Yes Bank barred Mastercard from onboard customers on its domestic network.

Private sector Yes Bank reported a rise of 3.6 percent in its loans. Gross retail payments expand at a faster rate and increase by 126.5 percent. The bank officials claim that the credit-to-deposit rate was 97.9 percent. The fundraising approval of Rs 10,000 crores gets subjected to permission from regulators and fundraisers. Reportedly, Yes Bank stock declined by 27.5% in the early phase of 2021. As it gained back momentum in the second half of 2021, Yes Bank shares closed at 2.35% on Tuesday.