Private lender Yes Bank today said it will raise about Rs 1,500 crore during this fiscal to fund its growth strategy.
"By March 2010, we are looking to raise about $200-250 million (around Rs 1,100 crore) through Tier I capital via Qualified Institutional Placement (QIP)," Yes Bank Managing Director and Chief Executive Officer Rana Kapoor told reporters at the sidelines of the India Economic Summit here.
This would entail the equity dilution of about 12 per cent, he added.
"We are also looking to raise Rs 400-500 crore through Tier II capital from institutions like LIC," he said.
"The objective of raising the fund is to give momentum to our growth strategy and we aim to have a total capital fund of Rs 5,000 crore by March 2010," he added.
In the first half of the fiscal, the company had recorded 75 per cent growth in its profit at Rs 212 crore, Kapoor said adding that the company expects to make it better in the second half of the fiscal.