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Yes Bank to increase authorized capital

Yes Bank Ltd. plans to increase its authorized capital to 11 billion Indian rupees from 8 billion rupees.

Following the increase, the Indian bank's authorized capital will be made up of 4.5 billion equity shares totaling 9 billion rupees and 20 milion shares totaling 2 billion rupees, according to a Jan. 14 stock exchange filing.

Currently, the lender's authorized capital comprises 3 billion equity shares totaling 6 billion rupees and 20 million shares totaling 2 billion rupees.

The bank said it needs to increase the quantum of its authorized share capital to facilitate its plan to raise 100 billion rupees through the issuance of equity shares or other convertible securities.

The increase in Yes Bank's authorized capital is subject to shareholder approval at its extraordinary general meeting Feb. 7.

As of Jan. 14, US$1 was equivalent to 70.86 Indian rupees.