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Yes Bank Shares Gain After Its Board Approves FPO Plan To Raise Funds

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On Wednesday, shares of Yes Bank Limited rose as much as 5.2 percent to Rs 27.10 after the lender's capital raising committee approved the raising of funds in one or more tranches through a follow-on public offer (FPO). The bank said in an exchange filing that the decision was taken by the committee on 7 July.

Yes Bank Shares Gain After Its Board Approves FPO Plan To Raise Funds
 

The 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. The details of the FPO will be disseminated after completion of formalities with the Registrar of Companies (RoC).

A Mint report citing sources said that the Yes Bank has filed the offer document for its proposed FPO with the registrar of companies, and is likely to raise at least Rs 10,000 crore. Depending on the demand, the bank could raise up to Rs 15,000 crore, it added.

Investment banks Axis Capital, Kotak Mahindra Capital, Citi and Bank of America are advising Yes Bank on the FPO.

In March, the Indian government had approved a rescue plan for Yes Bank, wherein domestic investors including SBI, Housing Development Finance Corp, ICICI Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank and IDFC First Bank invested Rs 10,000 crore into the bank for a stake in the lender. Government-owned SBI holds the largest stake of 48.2 percent in Yes Bank after the rescue deal.

Story first published: Wednesday, July 8, 2020, 12:13 [IST]
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