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Yes Bank's FPO Worth Rs 15,000 Crore To Open On 15 July

By Staff
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On Thursday, Yes Bank in a stock exchange filing informed that it has filed a red herring prospectus in connection with its proposed follow-on public offer (FPO), through which the lender is aiming to raise Rs 15,000 crore. The lender said that the offer size of the issue is up to Rs 15,000 crore by way of a fresh issue of equity shares, including an employee reservation portion of up to Rs 200 crore.

 

The FPO will open for subscription on 15 July and close on 17 July, the bank said. Bidding by anchor investors will be held on 14 July.

Yes Bank's FPO Worth Rs 15,000 Crore To Open On 15 July

An FPO is a process by which an already listed company issues new shares to investors or existing shareholders, usually the promoters.

The State Bank of India, also the largest stakeholder in Yes Bank, said on Wednesday that it will invest up to Rs 1,760 crore in the FPO.

"Pursuant to the intimation given by Yes Bank Ltd to the stock exchanges on 07th July, 2020 on the issue of raising capital the executive committee of central board (ECCB) of State Bank of India at its meeting held on 08 July, 2020 has accorded approval for a maximum investment of upto Rs 1,760 in the Further Public Offering (FPO) of Yes Bank Ltd," SBI said.

The public sector bank holds the largest stake of 48.2 percent in Yes Bank after RBI's rescue deal for the lender in the month of March this year.

Further, on Wednesday, Yes Bank said that its capital raising committee is scheduled to meet again on or after 10 July to consider and approve, among other things, the price band and discount, if any.

Shares of Yes Bank rose 5 percent to an intraday high of Rs 27.5 on Thursday.

Read more about: yes bank
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