Yes Bank launches $650-million QIP issue

By: | Updated: March 24, 2017 4:23 AM

Private sector lender Yes Bank announced the launch of a qualified institutional placement (QIP) worth $650 million, with an option to raise an additional $100 million.

The QIP will be at a price band of Rs 1,455-1,500 per share. This is 1% less than the closing price of Rs 1,516.05 on Thursday on BSE.

Private sector lender Yes Bank announced the launch of a qualified institutional placement (QIP) worth $650 million, with an option to raise an additional $100 million. The floor price has been set at Rs 1,498.95 a share and it can offer a discount of 5% on discretion, it said in an exchange filing. The QIP will be at a price band of Rs 1,455-1,500 per share. This is 1% less than the closing price of Rs 1,516.05 on Thursday on BSE.

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QIP is a capital-raising tool through which listed companies can issue equity shares, fully and partly convertible debentures, or any securities other than warrants that are convertible into equity shares to a qualified institutional buyer. CLSA, BOFAML, IIFL and Motilal Oswal are the bankers to the issue. Yes Bank had to scrap a $1-billion equity offering last year. In 2016, companies raised R4,712 crore through the QIP route, according to data from primary market tracker Prime Database against R19,064 crore raised in 2015. In 2014, R31,684 was raised through QIPs. In the first week of March 2017, Hindalco had raised $500 million. Last week, the board of Reliance Infrastructure approved the proposal to raise R2,000 crore through a QIP.

With PTI inputs

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