Yes Bank's capital raising committee approves fundraising plans via FPO

The capital raising committee (CRC) of the board of private lender Yes Bank has approved its plan to raise funds via a follow-on public offer (FPO). The decision was taken at a meeting of the CRC on July 7, the bank said in an exchange filing.

The committee is scheduled to meet again on or after July 10 to consider and approve, among other things, the price band and discount, if any. The details of the FPO will be disseminated after completion of formalities with the Registrar of Companies (RoC).

On June 16, Moneycontrol reported that the private lender was considering  an FPO to raise funds via the equity route. A source had then told CNBC Awaaz that the FPO size is likely to be in the Rs 12,000-15,000 crore range and the offer price band is likely to be around Rs 12-15 per share.