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Published on 27/03/2020 9:32:35 AM | Source: Reuters

Yes Bank to raise up to 50 billion rupees after government-led rescue

Posted in Stock Market| #Yes Bank Ltd #Banking Sector #Stock Market

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BENGALURU  - Yes Bank Ltd said on Thursday it was looking to raise up to 50 billion rupees ($665.88 million) in an effort to shore up its capital base after a government-led rescue of the private sector lender.

India earlier this month approved a rescue plan, which saw State Bank of India, the country's largest public lender, take a 49% stake in Yes Bank after the central bank placed the lender under a moratorium on March 5.

The bank resumed normal operations on March 18.

 

($1 = 75.0890 Indian rupees)

 

(Reporting by Chris Thomas in Bengaluru; Editing by Arun Koyyur)