Private sector lender YES Bank on Friday said it has set a floor price of Rs 12 per share to raise up to Rs 15,000 crore through follow-on public offer (FPO), which opens on July 15.
The capital raising committee (CRC) of the bank’s board at its meeting “has approved floor price of Rs 12 per equity share”, YES Bank said in a BSE filing.
The cap price for the FPO is Rs 13 per unit.
It has also fixed “a minimum bid lot of 1,000 equity shares and in the multiples of 1,000 equity shares thereafter”.
The lender has announced a discount of Re 1 per equity share for the eligible employees of the bank bidding in employee reservation portion.
YES Bank said a meeting of the 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.
YES Bank’s FPO offer will open on July 15, 2020 and close on July 17, 2020.
Earlier this week Yes Bank had received approval from the CRC to raise funds through the offering.
The bank had filed a red herring prospectus dated July 7, 2020 (RHP), in connection with the offer, with the Registrar of Companies, Maharashtra at Mumbai. YES bank’s offer size of the FPO is Rs 15,000 crore, by way of a fresh issue of equity shares, including an employee reservation portion of up to Rs 200 crore.
The executive committee of State Bank of India’s central board has given approval for a maximum investment of up to Rs 1,760 crore in the FPO of YES Bank, an SBI statement said on Wednesday.
On March 13, the government had approved a bailout plan for YES Bank. Under the plan, Yes Bank had received around Rs 10,000 crore from eight financial institutions, including Rs 6,050 crore from SBI.
Shares of Yes Bank were trading over 5 per cent lower at Rs 25.30 apiece on the BSE.