YES Bank slips 9% after fixing FPO floor price at Rs 12 per share

Shares of YES Bank slipped 9 per cent to Rs 24.20 on the BSE on Friday after the bank fixed floor price at Rs 12 per share and a cap of Rs 13 per unit for its proposed follow-on public offer (FPO).

"A discount of Rs 1 per equity share will be given to the eligible employees of the bank bidding in employee reservation portion. A minimum bid lot of 1,000 equity shares and in the multiples of 1,000 equity shares thereafter," it said. READ THE FULL REPORT HERE

At 02:22 pm, YES Bank was trading 5 per cent lower at Rs 25.30 on the BSE, as compared to 0.58 per cent decline in the benchmark S&P BSE Sensex. A combined around 46 million equity shares have changed hands on the counter on the NSE and BSE so far.

YES Bank is planning to raise Rs 15,000-crore through the FPO, which will open on July 15, 2020 and close on July 17, 2020.

YES Bank said a meeting of the capital raising committee (CRC) is scheduled to be held on July 14, 2020 for the purposes of allocation of equity shares to the successful anchor investors pursuant to the offer and for determination of the anchor investor allocation price.

The fundraising is important for the bank to boost its capital base, especially after it announced last month that it failed to make interest payments on its bonds, after the RBI said its capital adequacy ratio was below regulatory ratio.