Extending the fall on Tuesday, YES Bank shares fell over 10 per cent after plunging nearly 8 per cent in the last session.
Extending the fall on Tuesday, YES Bank shares fell over 10 per cent after plunging nearly 8 per cent in the last session. However, the share price saw slight correction, even as YES Bank announced that its board’s capital raising committee (CRC) will consider the issue price for equity shares in regard to qualified institutional placement (QIP) on Thursday. YES bank shares hit their 5-year low of Rs 95.25. The stock of YES Bank ended the day at Rs 73.60, down 8.50 points, or 10.35 per cent on NSE.
“The Board’s Capital Raising Committee (“CRC”) will consider and approve, amongst other things, the issue price for Equity Shares in respect of the QIP on August 14, 2019 (as was earlier communicated vide exchange release dated August 08, 2019). This intimation is intended to put to rest unnecessary speculation/ rumors being spread regarding the QIP,” YES Bank said in a regulatory filing on Tuesday. In the last one year, the YES Bank share price has lost nearly 78 per cent of its value, the trading data shows.
A floor price of Rs 87.90 per share was set by the private lender for the sale of shares. The private lender’s capital raising committee had stated that it may offer a discount of not more than 5 per cent on the floor price.
The QIP is part of Yes Bank’s $1 billion (over Rs 7,000 crore) fundraising plan, which among others employs other instruments such as preferential issue, global depositary receipt or American depositary receipts, foreign currency convertible bonds or any other methods on a private placement basis.
Meanwhile, the private bank had recently appointed Anurag Adlakha as the group chief financial officer and Raj Ahuja as group chief strategy officer.