Yes Bank opens QIP issue; floor price of Rs 87.90

Yes Bank on Thursday announced opening of the qualified institutional placement (QIP) issue at a floor price of Rs 87.9 per equity share.

The capital raising committee of the bank's board of directors on Thursday authorised the opening of the issue, Yes Bank said in a regulatory filing.

The committee "approved the floor price for the issue being Rs 87.90 per equity share, based on the pricing formula...and the committee may, at its discretion, offer a discount of not more than 5 per cent on the floor price", the bank said.

The QIP is part of Yes Bank's USD 1 billion (over Rs 7,000 crore) fundraising plan, which among others employs other instruments such as preferential issue, global depositary receipt/American depositary receipt, foreign currency convertible bonds or any other methods on a private placement basis.

Shares of Yes Bank closed 2.65 per cent higher at Rs 89.15 apiece on the BSE.