Mumbai, June 9: Yes Bank today launched a roadshow to announce its initial public offering of 7 crore shares of Rs 10 each in the price band of Rs 35-45. The issue will open on June 15 and close on June 21.

The bank, set up three years ago, is promoted by Ashok Kapur and Rana Kapoor. “We had made a significant financial investment, though we come from a modest background,” managing director and chief executive officer Rana Kapoor said.

The proceeds of the issue would be used to increase long-term capital requirements to implement growth plans and meet the minimum capital requirement of Rs 300 crore, Kapoor said.

DSP Merrill Lynch Ltd and Enam Financial Consultants are lead book running managers for the issue.

Rabo International Holding, which holds a 20 per cent stake in Yes Bank, has indicated that it would like to maintain this level in the post-issue expanded capital. RBI has allowed Rabo Bank to maintain a 20 per cent stake through applying in the IPO and market purchases.

Yes Bank will cater to large corporate and institutional clients, multinational companies and government-owned organisations. Yes Bank will also target business banking that caters to emerging local corporates and retail banking that caters to individual customers.