Yes Bank soars after $1.2 bln binding offer

Yes Bank surged 25.7% to Rs 71.90 after the bank said it received a binding offer from a global investor for an investment of $1.2 billion in the bank through fresh issuance of equity shares.

The offer is subject to regulatory approvals/conditions as well as bank's board and shareholders approvals, the bank said during trading hours today.

According to media reports, Hong Kong-based SPGP Holdings has shown interest in investing around $1.2 billion in Yes Bank.

In September 2019, Yes Bank announced its capital raising plans and said it has received 'strong interest' from multiple foreign as well as domestic private equity and strategic investors for the capital raise.

Yes Bank raised Rs 1,930 crore via qualified institutions placement (QIP), which was open between 8 and 14 August 2019. The bank allotted 23.1 crore equity shares of face value of Rs 2 each to eligible qualified institutional buyers at Rs 83.55 each.

Yes Bank will announce Q2 earnings on Friday, 1 November 2019. The bank reported a 91% decline in net profit to Rs 113.76 crore in Q1 June 2019 as compared to Q1 June 2018. Total income rose 9.9% to Rs 9088.80 crore in Q1 June 2019 as against Q1 June 2018.

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