Yes Bank FPO Shares To Be Listed On 27 July

Shares allotted in Yes Bank's FPO (follow-on public offer) will be listed on the stock exchanges on 27 July.

"Securities of Yes Bank are listed and admitted for trading on the exchange with effect from July 27, 2020. These shares rank pari-passu with the existing equity shares of the company," said BSE in its release.

Shares of Yes Bank have fallen over 50 percent since the bank announced the price band for its Rs 15,000 crore follow-on public offer (FPO) at Rs 12-13 on 10 July, much lower than the market price of Rs 26.65 on 9 July. Experts said that traders were selling shares to pick up at a cheaper rate at the FPO issue.

On Friday, the scrip closed 7.12 percent lower at Rs 13.70 per share. On the same day stock exchange BSE revised the circuit limit for the stock to 10 percent from 20 percent earlier.

What are circuit filters and how do they work?

The FPO was open from 15 to 17 July. On the last day of the issue, it was subscribed by as much as 95 percent. As per SEBI rules, companies need a minimum subscription of 90 percent of the issued amount on the date of closure to go ahead or return the application amount received for subscription on failing to do so.

The balance amount would have been contributed by its issue underwriter SBI Capital Markets that had committed underwriting amount of up to Rs 3,000 crore, as per its issue prospectus.

Yes Bank's FPO received bids for 11.88 billion shares against issue size of 12.51 billion shares offered, according to data on NSE. The issue was well received by institutional investors but lacked interest among HNIs and retail investors.

The portion reserved for qualified institutional buyers (QIB) was subscribed over 100 percent while the segments meant for high net-worth investors and retail buyers were subscribed just 63 percent and 43 percent, respectively.

FPO shares were allotted to eligible participants in the issue on 23 July and credited to their accounts on 24 July.