Yes Bank fixes QIP floor price at Rs 87.90

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Published: August 9, 2019 3:07:09 AM

Yes Bank also indicated that the committee at its discretion may offer a discount of not more than 5% on the floor price.

Yes Bank, Yes Bank floor price, capital raising committee, qualified institutional placement, yes bank board, marketThe bank has not yet confirmed the amount and participants in the QIP.

Yes Bank on Thursday said the capital raising committee of the board has approved the floor price of Rs 87.90 per equity share for raising funds via qualified institutional placement (QIP). Shares of Yes Bank closed at Rs 89.15 on Thursday on the BSE.

Yes Bank also indicated that the committee at its discretion may offer a discount of not more than 5% on the floor price. A meeting of the committee has been slotted for August 16 to decide on the issue price for the equity shares, including a discount, if any.

According to reports, the lender plans to raise Rs 2,000-3,000 crore. The bank has not yet confirmed the amount and participants in the QIP. Reports also indicated that WestBridge Capital Partners, Farallon Capital and GIC, Singapore’s sovereign wealth fund are some of the names that are likely to participate in the QIP.

Ravneet Gill, chief executive officer at Yes Bank, had indicated in June that the lender planned to raise $1.2 billion over 18 months to bolster its capital buffer through a mix of public and private share sales. The first priority was to raise capital, he had said.

Yes Bank also said it is currently in the process of appointing certain new key managerial personnel, including the chief financial officer, chief compliance officer and chief operating officer.

According to a company executive, the existing personnel in the roles mentioned above may not necessarily be removed from the bank but may move on to other roles. FE could not independently verify the same.

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