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Yes Bank to raise $ 1 billion via QIP

The company plans to utilize the net proceeds of the issue for meeting capital requirement under Basel III norms and ensuring adequate capital to support growth and expansion, as per the release. 

Yes Bank to raise $ 1 billion via QIP
The shares would be offered to institutional investors at lower price band Rs 1350 and upper price band Rs 1410 per share. Photo: Pixabay
Written By: ZeeBiz WebTeam
Updated: Wed, Sep 07, 2016
11:12 pm
Mumbai , ZeeBiz WebDesk
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Yes Bank on Wednesday, announced that it has received boards approval for raising $ 1 billion (approximately Rs 6640 crore) via qualified institutional buyers (QIP). 

The company plans to utilize the net proceeds of the issue for meeting capital requirement under Basel III norms and ensuring adequate capital to support growth and expansion, as per the release. 

Among the lead managers of Yes Bank for the offer as QIP were Goldman Sachs (India) Securities Pvt. Ltd, Motilal Oswal Investment Advisors Pvt. Ltd and CLSA India. 

Overall, Yes Bank has appointed 11 banks to manage the share sale.

The shares would be offered at lower price band Rs 1350 and upper price band Rs 1410 per share. 

The bank may at its discretion offer a discount of upto 5% on the floor price in the QIP. 

This would be the biggest launch in QIPs considering that it has been travelling under five year low since the start of the financial year 2017. 

As per Prime Database as on August, 2016, companies have been lackluster towards QIP by raising Rs 645 crore with just 6 companies entering in this group.