Yes Bank declines on reports of $1 billion QIP plan

Yes Bank lost 1.59% to Rs 1,244.75 at 12:13 IST on BSE on reports the bank is contemplating to raise about $1 billion through issue of shares to qualified institutional buyers.

Meanwhile, the S&P BSE Sensex was up 97.88 points or 0.35% at 27,872.76.

On BSE, so far 73,000 shares were traded in the counter as against average daily volume of 2.08 lakh shares in the past one quarter. The stock hit a high of Rs 1,268 and a low of Rs 1,237 so far during the day. The stock had hit a 52-week low of Rs 590 on 24 August 2015. The stock had hit a record high of Rs 1,269 on 8 August 2016. The stock had outperformed the market over the past one month till 10 August 2016, surging 13.02% compared with 2.39% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 33.16% as against Sensex's 7.77% rise.

The large-cap bank has equity capital of Rs 421.22 crore. Face value per share is Rs 10.

Media reports suggested that Yes Bank is contemplating a $1 billion share sale to institutional investors through qualified institutional placement (QIP) to support its expansion plans. The issue is expected to be launched within 30 days, reports suggested. It may be recalled that Yes Bank's board of directors in April 2016 approved the renewal of its capital raising plan of upto $1 billion through appropriate capital raising modes.

Yes Bank's net profit rose 32.8% to Rs 731.80 crore on 25.4% growth in total income to Rs 4762.83 crore in Q1 June 2016 over Q1 June 2015.

Yes Bank is one of the leading private sector banks in India.

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