Wednesday, December 27, 2006

Yes Bank gets Rs. 120 crores from Swiss Re

Leading global re-insurer, the Zurich-based Swiss Reinsurance Company (Swiss Re) has bought a 3.57% strategic stake in the domestic private sector Yes Bank. Swiss Re has provided an equity infusion of Rs. 120 crores ($26.5 mn) by way of private placement. The paid-up share capital of the bank has now increased to Rs. 280 crores and the total capital base, including Tier-I & Tier-II capital, has now crossed the Rs. 1,000-crore mark.

Post- issue, the promoters’ holding will come down to 37.2% from 38.6%. Rabobank’s stake will fall to 19.3% from 20% and the holding of private equity investors including Citicorp International, Russell AIF and ChrysCapital to 17.9% from 18.5%.

Yes Bank plans to raise $150 mn of capital by March 2007.

For more, read the following Business Standard article.

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