A group of US-based foreign portfolio investors (FPIs) is looking to pick up a stake worth $300 million in YES Bank by investing in its forthcoming share sale via the structured, unsponsored American Depository Receipts (ADR) route.
The FPIs are in advanced talks with an Indian bank to act as a custodian.
In October last year, the Securities and Exchange Board of India (Sebi) came out with a detailed framework for issuing depository receipts by Indian listed companies. The framework allows local firms to access foreign funds with conditions attached.
Sponsored ADRs are .....