YES BANK LTD. - Outcome of Board Meeting - YES BANK Board approves proposal to increase FII/FPI limits to 74%
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| 23 Apr 2015 | |
| Yes Bank Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 23, 2015, inter alia, have approved the proposal to seek final approval of Shareholders for increase in the limit for the FII / FPI of upto 74% of the paid up share capital of the Bank from the existing limit of 49% of the paid up share capital, considering the following;<BR><BR>The Union Budget for 2015-2016 has announced that distinction between different types of foreign investments, especially between foreign portfolio investments and foreign direct investments to be done away with and replaced with composite cap. The amendments to applicable laws and the increased applicable cap for investment by FPIs/FIIs notification is still awaited.<BR><BR>Accordingly, the Board approved the above proposal to seek the enabling approval of the Shareholders, so as to enable the shareholders of the Bank to avail the significant benefits of the increased limit of upto 74% foreign ownership as and when the relevant Regulation/notifications are prescribed by the authorities / government and subject thereto.<BR><BR>In addition, the Board also approved sponsored Level I Depository Receipt (DR) issuance programme of upto 10 million DRs, with conversion of 2 equity shares to 1 DR, pursuant to the Depository Receipts Scheme, 2014 (the 'Scheme') for facilitating issue of depository receipts (the 'DR') outside India against underlying existing equity shares through a Foreign Depository through sponsored/unsponsored route.<BR><BR>Further the Bank has issued a press release on the above titled "YES BANK Board approves proposal to increase FII/FPI limits to 74%" | |
| View all announcements for YES BANK LTD. | Source: BSE India |
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