YES Bank raises Rs 4,907 crore through QIP

YES Bank raises Rs 4,907 crore through QIP

YES Bank has raised Rs 4,906.65 crore ($750 million) through qualified institutional placement to global and domestic investors.

About 3.27 crore shares were allotted at Rs 1,500 per share aggregating to Rs 4,906.65 crore (approximately $750 million), which resulted in about 7.2% dilution on the expanded capital base.  Allotments were made to marquee global and domestic institutional investors comprising long-only funds, mutual funds, insurance companies and pension funds, the bank said. The overall allocation split is approximately 60% to international long-only funds, 20% to domestic long-only funds, and 20% to international hedge funds. Further, international long-only investors are primarily from the US and the remaining from Europe, Canada and Asia, ensuring diversified representation and demand from all classes of significant global investors across the world, the bank said.

The fund raising increases total capital adequacy to 20% and tier I capital to 15.2%, ensuring that the bank is well positioned for growth.  CLSA India, DSP Merrill Lynch, IIFL Holdings and Motilal Oswal Investment Advisors were the global co-ordinators and book running lead managers, YES Bank added.

“YES Bank’s Rs 4,906.65 crore QIP is India’s largest private sector QIP in rupee terms and a transaction of significant magnitude for our bank. We are delighted that marquee institutional investors including long only funds, mutual funds, insurance companies and pension funds have reposed their investor commitment in the bank’s business model,” YES Bank MD Rana Kapoor said.

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