YES Bank is proposing to raise $1 billion from overseas investors in the current fiscal. The bank has received the government’s approval for increasing foreign investment to 74%. The bank’s MD and CEO Rana Kapoor said while the bank does not need capital immediately but it may raise funds depending on market conditions. The bank already has an enabling approval from its board of directors to raise an additional $1 billion of equity capital and it will be done in single tranche, Kapoor said. The Cabinet Committee on Economic Affairs had approved the bank’s proposal to increase foreign investment limit in the bank to 74%, which will mean FDI up to $1 billion can be brought in.
