Yes Bank Board to consider fundraising on January 22

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Private sector lender, Yes Bank on January 18 said it will consider a proposal to raise funds at its board meeting scheduled later this week.

The bank may consider instruments including the issue of equity shares, depository receipts, convertible bonds, debentures, warrants, it said in a notification to exchanges.

“In continuation to our letter dated January 11, 2021, we wish to inform you that the Board of Directors of YES Bank Limited at its meeting scheduled on January 22, 2021, inter alia, to also discuss and consider: 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 shareholders/regulatory approvals, as applicable,” the banks said in a notification to exchanges.

Last year, Yes bank raised close to Rs 15,000 crore through a follow-on public offer. The bank was bailed out by a clutch of banks under the leadership of State Bank of India in March last year after the RBI announced a reconstruction scheme for the bank.

Yes Bank reported profit at Rs 129.4 crore for September ended quarter 2020, against loss of Rs 600 crore in the year-ago period. In the quarter ended June 2020, it had reported Rs 45.44 crore profit under the new management lead by Prashant Kumar, MD & CEO of the bank.

Net interest income – the difference between interest earned and interest expended – declined 9.7 percent to Rs 1,973.4 crore, from Rs 2,186 crore in the corresponding period last fiscal. NII in June quarter was at Rs 1,908 crore.

Net advances at Rs 1,66,923 crore grew 1.5 percent QoQ, with a strong pickup in retail disbursements at Rs 3,764 crore (up from Rs 424 crore last quarter).
The deposits increased substantially 15.7 percent sequentially to Rs 1,35,815 crore, it added. Provisions and contingencies for the September quarter stood at Rs 1,187 crore, declining 11.2 percent compared to the year-ago period, but increased 9.2 percent sequentially.

News Source:- Moneycontrol

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