YES Bank has raised ‘4,906.65 crore via a qualified institutional placement (QIP) by selling 3.27 crore shares at ‘1,500 per piece. Over 60% of the shares were bought by global long- only funds, 20% by domestic long funds and another 20% by international hedge funds, the bank said in a statement.
“The QIP will significantly boost our capital adequacy and ensure that YES Bank is well positioned to capitalise on the opportunities provided by the re-invigorated economic environment,” said Rana Kapoor, CEO, YES Bank. YES Bank’s successful share sale comes six months after it had to scrap its QIP.
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The bank had called off its QIP on September 8, 2016, a day after it was launched. In an exchange filing, the bank had cited market volatility as the reason for calling off the offer. YES Bank’s stock has risen 16.45% from September 8, 2016, till Friday.