FIPB recommends Yes Bank's $488 mln foreign investment plan

Last Updated: Mon, Apr 29, 2013 12:04 hrs

India's Foreign Investment Promotion Board (FIPB) has recommended Yes Bank's 26.5 billion rupees ($487.18 million) foreign investment proposal for the consideration of the Cabinet Committee on Economic Affairs, a finance ministry statement said on Monday.

Private-sector lender Yes Bank plans to raise the funds through a qualified institutional placement (QIP) of equity shares or by issuing global depository receipts to foreign institutional investors, the statement said.

More from Sify: