Yes Bank follow-on public offer to shore up capital adequacy likely to open 8 July

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The follow-on public offer of the State Bank of India-backed Yes Bank is likely to open on 8 July and close on 10 July, according to sources familiar with the development. The anchor book will open on 7 July and close the same day, sources said. The funds are crucial for the lender to shore up its capital adequacy. The bank hasn’t yet decided on the amount to be raised though it has the necessary approvals to raise up to 15,000 crore.

Anchor investors are likely to invest up to 4,500 crore if the bank decides to go for the entire amount it has approval for.

Tuesday on the BSE, Yes Bank share closed at 25.60, down 1.9% from Monday’s close. The bank has a market capitalization of 32,129.21 crore.

SBI, Yes Bank’s largest shareholder, holds 48.21% equity, a stake it came to have in April under a Reserve Bank of India-authored takeover of the bank that was near collapsing.

According to corporate data services provider Capitaline, Yes Bank’s gross non-performing assets at the end of March came at 16.8%.

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