India's Yes Bank plans up to $1 bln share sale

April 22, 2015 10:40 AM

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MUMBAI, April 22 (Reuters) - Yes Bank Ltd, India's fifth-biggest private sector lender by assets, said on Wednesday its board approved a plan to raise up to $1 billion by selling stock in local or overseas markets to shore up its capital base.

The bank needs approval from shareholders and regulators before it goes ahead with the sale, finance chief Rajat Monga told reporters. He did not give a timeline for the sale but said the funds will mostly be used for growth.

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