BackYes Bank share sale subscribed five times
Two people with direct knowledge of the deal confirmed that the sale was completed early Friday morning
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Mumbai: Yes Bank Ltd, India’s youngest existing bank, early on Friday successfully completed its share sale, raising its targeted $500 million by selling fresh shares to a clutch of institutional investors from the US, Europe, India and rest of Asia.
Two people with direct knowledge of the deal confirmed that the sale was completed earlier this morning.
“The book has been oversubscribed by five times and the bank has received investments of more than $2.5 billion out of which it will retain $500 million," said one of the persons quoted above.
“The final details of the pricing and how much stake it will dilute will come later today (on Friday)," said the second person.
Forty per cent of the investors were from the US and Europe, while 30% were from Asia and India each, the first person said.
A Yes Bank spokesman did not answer calls on his phone for comment.
This is the first equity sale by Yes Bank since January 2010 when it raised ₹ 995.51 crore through a similar sale to institutional investors.
Goldman Sachs Group Inc., Deutsche Bank AG, JM Financial Ltd, Motilal Oswal Financial Services Ltd and Hong Kong and Shanghai Banking Corp. Ltd were the bankers to the issue.
Yes Bank shares closed ₹ 569.45 on BSE, up 3.56% from their previous close, while India’s benchmark Sensex declined 0.07% to 24,217.34 points.
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