Yes Bank to open 28 branches by March

Yes Bank, which began operations in August last year, currently has two branches -- one each in Mumbai and Delhi -- and is now on an expansion mode.

Srikrishnan said the bank has received licences to open another 28 branches, and they would be set up by the end of the current financial year.

Major centres where the new branches would be set up are Hyderabad, Chennai, Bangalore, Ahmedabad and Kolkata.

Other cities where the bank would open branches include Baroda, Surat, Pune, Nagpur, Nasik and Lucknow, he said.

The bank, Srikrishnan said, has identified food and agriculture business, telecom media and technology, life sciences, textiles, infrastructure, engineering and retailing as its key focus sector groups.

The bank on Wednesday entered the capital market with an initial public offering of 70 million equity shares of Rs 10 each at a premium to be decided through the book building process. The issue closes on June 21.

The price band for the issue has been fixed between Rs 38 and Rs 45 per equity share with a face value of Rs 10.