India’s Yes Bank to raise $1.2 billion

Yes bank

India’s Yes Bank Ltd. said it plans to raise as much as 150 billion rupees ($2 billion) in a public offering to shore up capital.

The follow-on share offering will open July 15 and close July 17, according to a stock exchange filing Thursday. The Mumbai-based bank earlier planned to raise at least 80 billion rupees, people with knowledge of the matter said last month.

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The funds will bolster the bank’s capital adequacy ratio, which is below the minimum regulatory requirement.

In March, shares of India’s fourth-largest private lender Yes Bank have plunged more than 70 percent after the central bank seized control and imposed withdrawal limits.

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