Yes Bank mulling QIP to raise $300 mn by December

New-generation lender Yes Bank plans to raise $300 million (about Rs 1,200 crore) by December for its expansion plans.

While all options are being considered, it is understood that the private bank is zeroing in on the QIP route to raise these funds.

Yes Bank is currently fine-tuning its expansion plans over the next 1-2-year period, aimed at solidifying its position in the domestic market.The bank aims at a strong 250 branch networkby September 2010.

At present, the bank has 67 branches across the country. The lender proposes to launch its asset reconstruction company in the next few months and plans to enter the retail broking and asset management businesses over the next 18-24-months.