The Hindu Business Line : YES Bank preferential issue

YES Bank plans to issue 14.7-million equity shares amounting to Rs 331 crore, on a preferential basis, to Orient Global Tamarind Fund Ltd (Orient Global Tamarind). Orient Global Tamarind is a part of the Orient Global group, a Singapore-based private investment company. The issue, constituting 4.99 per cent of the expanded share capital of the bank, will be subject to necessary regulatory and shareholders' approvals, said a press release from the bank. The shares will have a lockin period of one year from the date of issue.

The bank plans to use the fund to build on the momentum it has generated across various businesses. In July 2005, the bank had concluded an Initial Public Offering of Rs 315 crore. The bank also raised Rs 120 crore in December 2006 through a preferential placement of 10 million equity shares at Rs 120 per share to Swiss Reinsurance Company.- Our Bureau

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