Yes Bank to raise $ 1 billion via QIP
The company plans to utilize the net proceeds of the issue for meeting capital requirement under Basel III norms and ensuring adequate capital to support growth and expansion, as per the release.
Yes Bank on Wednesday, announced that it has received boards approval for raising $ 1 billion (approximately Rs 6640 crore) via qualified institutional buyers (QIP).
The company plans to utilize the net proceeds of the issue for meeting capital requirement under Basel III norms and ensuring adequate capital to support growth and expansion, as per the release.
Among the lead managers of Yes Bank for the offer as QIP were Goldman Sachs (India) Securities Pvt. Ltd, Motilal Oswal Investment Advisors Pvt. Ltd and CLSA India.
Overall, Yes Bank has appointed 11 banks to manage the share sale.
The shares would be offered at lower price band Rs 1350 and upper price band Rs 1410 per share.
The bank may at its discretion offer a discount of upto 5% on the floor price in the QIP.
This would be the biggest launch in QIPs considering that it has been travelling under five year low since the start of the financial year 2017.
As per Prime Database as on August, 2016, companies have been lackluster towards QIP by raising Rs 645 crore with just 6 companies entering in this group.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
11:12 PM IST
RBI imposes monetary penalty on these two banks, check details
D-Street Newsmakers: Yes Bank, Tata Motors among stocks that buzzed most on November 16
Yes Bank introduces UPI payments through its RuPay credit cards; Know how it works
Yes Bank Q1 Results: Bank's net profit rises 10% to Rs 343 crore; total income jumps 29%