Cabinet gives ex-post facto approval to the proposal of M/s Yes Bank Ltd. for increase in the foreign investment limit
Posted on:26 May 2016 17:57:31
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26 May 2016 Current Affairs: The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has granted ex-post facto approval to the proposal of M/s 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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