YES Bank plans to raise $1.2 bn to boost capital, says CEO Ravneet Gill

YES Bank, Asia’s worst-performing bank stock this quarter, plans to raise $1.2 billion over 18 months to bolster its capital buffer through a mix of public and private share sales, Chief Executive Officer (CEO) Ravneet Gill said. 

Gill took over in March pledging to improve transparency after his predecessor, founder Rana Kapoor, was forced out by the Indian central bank for inadequate disclosure of stressed loans. The new chief has had a tough ride as rising bad debts and an unexpected loss sent the stock down about 57 per cent this quarter, the worst performance among 569 lenders in Asia.