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Yes Bank board on Friday approved a proposal to seek investors’ nod for early redemption of bonds worth Rs 1,764 crore.
The decision was taken at a meeting of the Capital Raising Committee of the lender, Yes Bank said in a regulatory filing.
The committee gave its nod to a proposal seeking approval from investors for early redemption of Basel II-compliant lower tier II and upper tier II bond instruments subject to necessary approvals, it said.
Total 8 bond issuances that were issued during June-December in 2012, are up for early redemption. These bond issuances are set to mature during 2022 and 2027.
Issuers of bonds may go for early redemption of debt instruments if the current interest rates fall below the rates it pays on the bonds issued.
This is a way to retire costly debt and issue fresh bonds at lower interest rate.
Yes Bank stock closed at Rs 13.92 on BSE, up 0.36 per cent from the previous close.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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