Yes Bank completes Swiss Re equity transaction

Yes Bank Ltd today announced having completed infusion of equity capital of Rs120 crore ($26.5 million) comprising private placement of 10 million equity shares to Swiss Reinsurance Company, Zurich, Switzerland (Swiss Re). The transaction was completed following necessary approvals from the Reserve Bank of India and Yes Bank''s shareholders. The Tier I placement of equity shares of face value of Rs10 each at a premium of Rs110 per share constitutes 3.57 per cent of the expanded share capital of Yes Bank.

Post this transaction, the paid-up share capital of the bank has increased to Rs2.8 billion. The total capital base, including Tier I & Tier II of the Bank has now surpassed the INR 1000 crore mark.

"We are extremely pleased with this landmark transaction with a marquee investor of Swiss Re''s pedigree, which is consistent across our overall high quality Yes Bank investor base," said Rana Kapoor, founder-managing director and CEO, Yes Bank.

"We continue to strengthen our capital base to scale our execution capabilities in our quest to become the World''s Best Quality Bank in India," added Kapoor.

In July 2005, the Bank successfully concluded an IPO of Rs315 crore (approximately $70 million) that was oversubscribed 30 times. Subsequently, in November 2006, the bank successfully raised Rs180 crore ($40 million) of subordinated Tier II debt through private placement issue of unsecured, redeemable, non-convertible, subordinated bonds.