Yes Bank to raise up to $500 million via equity capital route
Moody's said it expects China's real economic growth rate to ease to a range of between 7.5-8.5 percent in 2012 and 2013 from the more heady 10.3 percent pace of the last decade.
Private sector lender Yes Bank yesterday said it plans to raise around $400 million to $500 million of equity capital in the later part of current financial year to support its future business growth.
"We plan to raise around $400 million to $500 million (around Rs 2,000 crore- Rs 2,500 crore) of equity capital in the later part of current financial year," Yes Bank Chairman and Managing Director Rana Kapoor told reporters. He also said the capital may be raised through a Global Depository Receipts (GDR) or Qualified Institutional Placement (QIP) route.
"The instrument will depend on the overall economic environment both in domestic and international market," Kapoor added. The bank had raised around Rs 830 crore of hybrid capital through various debt instruments in the fourth quarter of the last financial year.
"The money raised in the last fiscal is enough to support our growth for next 12-18 months," he said. The private sector lender has a capital adequacy ratio of 17.9% in FY12 compared to 16.5% reported a year earlier.
Yes Bank yesterday, posted a 33.6% rise in its net profit to Rs 271.8 crore in the fourth quarter of last financial year on the back of higher core earnings. Net profit of the bank stood at Rs 203.4 crore in the same period last year.
Its total income grew by 45.5% to Rs 2,051.45 crore during the January-March quarter compared to Rs 1,409.37 Crore reported in the corresponding period last year.