India's Yes Bank to raise $1 billion this year - CEO

·1-min read
People wait outside a Yes Bank branch to withdraw their money in Ahmedabad

MUMBAI (Reuters) - India's Yes Bank is seeking to raise about $1 billion this financial year, its chief executive officer said on Monday, as the private lender exits a reconstruction scheme after two years.

Yes Bank CEO Prashant Kumar's comments come days after the lender said it had selected an asset reconstruction company belonging to private equity firm JC Flowers as the base bidder for the sale of bad loans worth 480 billion rupees ($6.01 billion).

($1 = 79.9000 Indian rupees)

(This story corrects typo in first paragraph)

(Reporting by Nupur Anand in Mumbai; Writing by Chris Thomas in Bengaluru; Editing by Vinay Dwivedi)

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