FIPB recommends Yes Bank's $488 million foreign investment plan

India's Foreign Investment Promotion Board (FIPB) has recommended Yes Bank's 26.5 billion rupees 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.