The Reserve Bank of India (RBI) has given conditional approval to US private equity investors Carlyle Group and Advent International to acquire a combined 20% stake in Yes Bank.

“We hereby inform you that vide separate letters dated 30 November, the Reserve Bank of India has issued a conditional approval to each investor with respect to the proposed acquisition by each of them of up to 9.99% of paid-up share capital of the bank through subscription to equity shares and share warrants of the bank and the investors are evaluating the conditions," Yes Bank said in a regulatory filing on Thursday.

The investors are evaluating the conditions. The investors and Yes Bank will engage with the RBI to seek an early resolution of the conditions and get final approval on this matter.

The bank, however, did not elaborate on what these conditions are.  

Yes Bank had, in July, said it would raise $1.1 billion from Carlyle and Advent for a 10% stake each in the bank.

The funds were to be raised by issuing shares worth $640 million and share warrants worth $475 million.