India's FIPB recommends Yes Bank's $488 mln foreign investment plan
NEW DELHI, April 29
NEW DELHI, April 29 (Reuters) - India's Foreign Investment Promotion Board (FIPB) has recommended Yes Bank's 26.5 billion rupees ($487.18 million) foreign investment proposal for the consideration of the Cabinet Committee on Economic Affairs, a finance ministry statement said on Monday.
Private-sector lender Yes Bank plans to raise the funds through a qualified institutional placement (QIP) of equity shares or by issuing global depository receipts to foreign institutional investors, the statement said.
($1 = 54.3950 Indian rupees) (Reporting by Manoj Kumar; editing by Malini Menon)
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