India: Yes Bank revives QIP, looks to raise up to $750m

India: Yes Bank revives QIP, looks to raise up to $750m

Private sector lender Yes Bank Ltd revived its qualified institutional placement (QIP) issue on Thursday with a reduced size of $750 million after its attempt to raise $1 billion in September flopped.

According to two merchant bankers in the know, the bank has opened an issue worth $650 million with an option to retain a further $100 million. Yes Bank declined to confirm the issue size; its stock exchange statement said that it has the floor price at Rs1,498.95 per share. That is a discount of 1.12% to Thursday’s closing price of Rs1,516.05 a share. “The bank may at its discretion offer a discount of up to 5% on the floor price in the QIP,” the statement said.

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