The Cabinet Committee on Economic Affairs today gave its approval to the proposal of Yes Bank Limited to increase foreign equity participation upto 60 percent through a qualified Institutional Placement (QIP) of its equity shares to eligible non-residents and / or issue of Global Depository Receipts (GDRs) to eligible non-resident investors, as recommended by the Foreign Investment Promotion Board (FIPB).

The approval would result in foreign investment amounting to Rs. 2,650 crore approximately being received in the country.

SC/NK/SKS

(Release ID :96851)

Foreign equity participation increase enables issuance via QIP or GDRs to eligible non-resident investors under foreign investment rules. Approval permits Yes Bank Limited to increase foreign equity participation up to 60 percent by issuing equity to eligible non-residents through a Qualified Institutional Placement (QIP) and/or by issuing Global Depository Receipts (GDRs), enabling the bank to solicit offshore institutional and non-resident investors subject to investor eligibility and applicable foreign investment rules.