Yes Bank board approves Rs10,000-cr debt issue

The board of directors of private lender Yes Bank on Thursday approved a proposal to raise Rs10,000 crore through issue of debt securities. The bank also received board nod to shift its registered office in Mumbai to Yes Bank House in Santacruz (East) from Elphinstone (W), according to a stock exchange filing.

The types of debt securities to be issued include non-convertible debentures, bonds, medium-term note (MTN), among others, the bank said.
"In terms of the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions, if any, the board of directors of the bank at its meeting held on 10 June 2021, inter alia, considered and approved seeking shareholders’ approval for borrowing/raising funds in Indian/foreign currency up to an amount of Rs10,000 crore by issue of debt securities, including but not limited to non-convertible debentures, bonds, medium term note (MTN)," Yes Bank stated in its stock exchange filing.
On Monday, Yes Bank had said that it planned to raise funds in Indian or foreign currency by issuing debt securities and that it would be considered for approval at a meeting of the board of directors June 10.
The bank said it will raise funds in "Indian/foreign currency by issue of debt securities including but not limited to non-convertible debentures, bonds, medium term note." Yes Bank stock traded 5.75 per cent up at Rs 14.52 apiece on BSE.
Meanwhile, on June 9, the CBI carried out searches at 14 locations in Delhi-NCR and three other cities after registering an FIR against Oyster Buildwell Private Ltd, Avantha group promoter Gautam Thapar and others for alleged diversion of over Rs466 crore in Yes Bank during 2017-19, officials said. Thapar is already being probed in another case related to diversion of public money in Yes Bank allegedly involving the bank's former chief Rana Kapoor, they said.
The bank reported a net loss of Rs3,787.75 crore in the March quarter of FY21, as against a profit of Rs2,629 crore a year ago. The year-ago profit had arisen out of the write-down of Yes Bank’s losses.
The capital adequacy ratio of Yes Bank as per Basel III was 17.5 per cent as on 31 March. The common equity tier-I (CET-I) ratio stood at 11.2 per cent at the end of March.