Yes Bank completes infusion of Rs 120 cr from Swiss RE

Yes Bank has completed the infusion of Rs 120 crore (USD 26.5 million) in its equity capital from Zurich-based Swiss Reinsurance Company (Swiss Re).

Mumbai, Dec 22: Yes Bank has completed the infusion of Rs 120 crore (USD 26.5 million) in its equity capital from Zurich-based Swiss Reinsurance Company (Swiss Re).
The infusion of equity capital of Rs 120 crore, which
includes the private placement of 10 million equity shares to
Swiss Re, has received necessary approvals from the Reserve
Bank of India as well as its shareholders.

The company had earlier decided to issue 10 million
equity shares on a preferential basis to Swiss Re constituting
3.57 per cent stake of the expanded share capital of Yes Bank.

"We are extremely pleased with this landmark transaction
with a marquee investor of Swiss Re's pedigree, which is
consistent across our overall high quality yes bank investor
base," Yes Bank Managing Director and CEO Rana Kapoor said in
a company statement on the Bombay Stock Exchange.

Pursuant to this transaction, the paid-up share capital
of Yes Bank has increased to Rs 2.8 billion. The total capital
base, of the bank has now surpassed the Rs 1,000 crore mark.

In July 2005, Yes Bank had concluded an initial public
offering of Rs 315 crore (around 70 million dollars) that was
oversubscribed 30 times.

Subsequently, in November this year, the bank had raised
Rs 180 crore (40 million dollars) of subordinated tier ii debt
through private placement issue of unsecured, redeemable,
non-convertible, subordinated bonds.

Bureau Report

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