Thursday, March 6, 2008

Yes Bank to develop food parks across India

Private sector lender, Yes Bank,plans to develop food parks across India with agri-business infrastructure firm, Greenport Corp, reports Financial Express.

It will also be part of a consortium to build a Rs 25 billion agri-focussed special economic zone in Nellore. It also plans to invest in development of commodity spot markets all over India.

Yes Bank also plans to raise USD 150-175 million through a placement 20 million shares, or 6.36% of equity, with institutions.

The bank would also raise up to Rs 5 billion as tier-2 capital in multiple tranches through 2008-09.

Shares of the bank closed down Rs 3.2, or 1.55%, at Rs 203.25. The total volume of shares traded at the BSE was 459,746. (Wednesday)

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