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  1. YES Bank QIP raises Rs 4,906 cr by selling shares at Rs 1,500 per piece

YES Bank QIP raises Rs 4,906 cr by selling shares at Rs 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.

By: | Published: April 2, 2017 5:22 AM
YES Bank, qualified institutional placement, QIP, international hedge funds, economic environment, Rana Kapoor, YES Bank’s stock 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. (Source: Reuters)

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.

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