World News

India’s Yes Bank to raise up to 50 billion rupees after government-led rescue

BENGALURU (Reuters) – Yes Bank Ltd <YESB.NS> said on Thursday it was looking to raise up to 50 billion rupees ($665.88 million) in an effort to shore up its capital base after a government-led rescue of the private sector lender.

India earlier this month approved a rescue plan, which saw State Bank of India, the country’s largest public lender, take a 49% stake in Yes Bank after the central bank placed the lender under a moratorium on March 5.

The bank resumed normal operations on March 18.

(Reporting by Chris Thomas in Bengaluru; Editing by Arun Koyyur)