You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Yes Bank sets FPO floor price at Rs 12 per share

Capital Market 

The bank's Rs 15,000 crore follow-on public offer (FPO) will open on 15 July 2020 and close on 17 July 2020.

Shares of Yes Bank slumped 4.69% to Rs 25.40 after the bank said its capital raising committee at its meeting today (10 July) approved the floor price of its Rs 15,000 crore FPO at Rs 12 per equity share and a cap of Rs 13 per share.

A discount of Re 1 per equity share will be given to the eligible employees of the bank bidding in employee reservation portion, Yes Bank said in a statement during trading hours today (10 July). In the FPO, shares can be bid in lots of 1,000 equity shares.

The bank filed a red herring prospectus on 7 July 2020 for the FPO to raise up to Rs 15,000 crore via a fresh issue of equity shares. The FPO will remain open between 15 and 17 July 2020. The bank has set 14 July as anchor investor bidding date.

State Bank of India (SBI) on Wednesday (8 July) said it will invest upto Rs 1,760 crore in Yes Bank's upcoming FPO.

Yes Bank reported a net profit of Rs 2628.61 crore in Q4 March 2020 as against a net loss of Rs 1506.64 crore in Q4 March 2019. Total income rose 44.4% YoY to Rs 12,115.53 crore during the quarter. The bank generated an extraordinary income (net of tax) of Rs 6,296.94 crore during the quarter on account of writing down of certain Basel III additional tier-1 (AT-1) bonds amounting to Rs 8,415 crore. Excluding this extraordinary item, Yes Bank reported a net loss from ordinary activities of Rs 3,668.33 crore in Q4 March 2020 compared with a net loss from ordinary activities of Rs 1,506.64 crore in Q4 March 2019.

Yes Bank is a full service commercial bank' providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers.

The bank was under moratorium for 13 days in March 2020. It resumed full-fledged banking operations from 18 March 2020. This came after a consortium of eight public and private banks, led by State Bank of India, agreed to infuse capital into Yes Bank to rescue it from the brink of a collapse. These financial institutions had together pooled in Rs 10,000 crore as investment at Rs 10 per share in Yes Bank when it faced pressure from depositors.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, July 10 2020. 12:24 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU