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India's FIPB recommends Yes Bank's $488 mln foreign investment plan
April 29, 2013 / 11:42 AM / 5 years ago

India's FIPB recommends Yes Bank's $488 mln foreign investment plan

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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