Yes Bank FPO to open on 15 July1 min read . Updated: 09 Jul 2020, 09:51 AM IST
- India’s largest lender State Bank of India has said its board has approved an investment of up to ₹1,760 crore in the upcoming follow-on public offer of Yes Bank
MUMBAI: Yes Bank on Thursday said it will launch its follow-on public offer (FPO) on 15 July. The offer will close on 17 July, the lender said in a filing to the stock exchanges.
It added that it has filed the offer document with the registrar of companies for the FPO to raise up to ₹15,000 crore.
The offer will include an employee reservation portion of ₹200 crore.
Investment banks Axis Capital, Kotak Mahindra Capital, Citi, and Bank of America are advising Yes Bank on the FPO.
On Wednesday, India’s largest lender State Bank of India (SBI) said its board has approved an investment of up to ₹1,760 crore in the upcoming follow-on public offer of Yes Bank.
On 13 March, the government had approved a rescue plan for Yes Bank backed by SBI. Under the plan, domestic investors including SBI, Housing Development Finance Corp, ICICI Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank and IDFC First bank invested ₹10,000 crore into Yes Bank.
State-run SBI led the rescue with a ₹6,050 crore infusion and currently holds a 48.2% stake in the bank.
In the rescue process, Yes Bank’s AT1 bonds worth ₹8,415 crore were written down in full in March.