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Cabinet gives ex-post facto approval to Yes Bank's proposal for increase in FI limit

India Blooms News Service | | May 26, 2016, at 02:09 am

#Cabinet # ex-post facto approval # Yes Bank proposal # Foreign Investment

New Delhi, may 25 (IBNS): The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi on Wednesday granted ex-post facto approval to the proposal of Yes Bank Ltd. for increase in the foreign investment limit to 74% from the existing foreign equity of 41.87% without any sub-limits, for investment by way of issue of non-equity shares and/or other permissible instruments to eligible non-resident investors.

The mode of instruments include Qualified Institutions Placement (QIP) of equity shares and/or issue of ADRs/GDRs and/or QFIs/FPIs under the Portfolio Investment Scheme (PIS) by acquisition of permissible securities on stock exchange (except NRIs).

The approval may be accorded subject to the conditions referred to para 8.2 of the Note.

This will result in a Foreign Direct Investment of US $ 1 billion (Rs. 6885 crores approx.) in the country.

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