News: YES Bank to raise $150-200 m in H2 FY 07

(PTI 09/07/2006) Mumbai - New-age private sector banking major YES Bank plans to raise up to $150 to 200 million for both Tier I and Tier II structures in the second half of this fiscal.

"We will most probably raise resources in the period September 2006-to March 2007," YES Bank's Managing Director & CEO, Rana Kapoor, told PTI here today.

The money raised will be for both Tier I and Tier II structures and is necessary to sustain the bank's rapid growth, he said.

As regards the manner in which the resources will be raised, Kapoor said: "we are open to all options such as a follow-on public issue, private placements, or an international offering. "This will be decided within the next three months," he said.

Though it is true that YES Bank, the latest entrant into the private banking segment needs to raise resources, it is in no hurry and will choose the right time to raise resorces. "Much also depends upon market conditions prevailing at that time," Kapoor said.

The bank, which recently announced the setting up of two funds -- the India Health Care Fund and the India Agri Fund -- of $ 75-to-100 million each, is planning a massive expansion of its branch network, which, presently stands at 18.

"We plan to expand this to 100 within the next 21 months," Kapoor said. This fiscal, the bank plans to add 42 more branches to its network.