New Delhi: Efforts to improve the private sector Yes Bank facing economic crisis seem to be paying off. Preparations are on to bring the FPO of Yes Bank, before this the State Bank of India (SBI) has announced to invest Rs. 1760 crore in it. Yes Bank had informed the stock market that it will bring Fardar or follow-on public offer (FPO) to raise about 15 thousand crore rupees.
It is worth mentioning that under Yes Bank's REVIL plan, SBI has already made a big investment in it and many other big public and private banks had also invested in it. SBI has informed the stock exchanges that its Central Board Executive Committee (ECCB) has announced to invest a maximum of Rs 1,760 crore in the FPO of Yes Bank. Yes bank, with a market cap of about 32 thousand crores, will soon file an application with the market regulator SEBI for this FPO. Yes Bank said that a meeting of the committee of the board of directors of the bank will be held on or after July 10, 2020, in which the share price and other things will be considered and approved in the follow-on public offer.
In March this year, the SBI Board had approved the investment of Rs 7250 crore in Yes Bank. Earlier, the Reserve Bank of India (RBI) took control of this bank. The chairman of SBI says that SBI's total investment in Yes Bank will remain within 10 thousand crores rupees.
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