The YES Bank board on December 21 approved raising funds up to Rs 10,000 crore, the lender informed in a regulatory filing.
It said: “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.”
The private sector lender stated in the regulatory filing that pursuant to this, YES Bank will be seeking approval from its shareholders, which in effect would result in seeking an extension on the current shareholder approval that is set to expire on February 28, 2022.
The YES Bank board had earlier in June 2021 given its nod to raise another Rs 10,000 crore through the issuance of debt securities.
A stock exchange notification read: “In terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions, if any, the Board of Directors of the Bank in its meeting held on June 10, 2021, have, inter alia, considered and approved seeking shareholders’ approval for borrowing/raising funds in Indian/foreign currency up to Rs 10,000 crore by issue of debt securities including but not limited to non-convertible debentures, bonds, Medium Term Note (MTN), etc., in terms of Section 42, 71 and other applicable provisions of the Companies Act, 2013 read with Companies (Prospectus and Allotment of Securities) Rules, 2014, SEBI (Issue and Listing of Debt Securities) Regulations, 2008, the SEBI Listing Regulations and other applicable laws, if any, subject to regulatory approvals, as may be required.”
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