YES Bank launches $1 bn QIP
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YES Bank flagged off a Qualified Institutional Placement issue of new shares, to raise up to $1 billion (Rs 6,600 crore), with the aim of supporting its growth for the next three years.
The price band for the shares, to be placed with institutional investors, is Rs 1,350-1,410 each. The face value of each share is Rs 10.
YES' shares on the BSE exchange closed 2.5 per cent lower on Wednesday, at Rs 1,405.
The private lender will use the proceeds for capital requirement under the Basel-III norms, beside expansion. This includes enhancing the solvency and capital adequacy ratios. The latter was 15.5 per cent at end-June, with tier-I capital of 10.3 per cent.
It had a 32.8 per cent rise in net profit to Rs 731.8 crore during the June quarter, the first one in this financial year.
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