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    YES Bank approves raising funds via FPO


    YES bank said the meeting of the CRC of the bank is scheduled to be held on or after July 10.

    On March 5, the Reserve Bank of India had superseded the board of YES Bank and put it under moratorium.

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    Mumbai: Private lender YES Bank said its capital raising committee (CRC) of the Board of Directors has approved raising funds by way of a further public offering (FPO).

    In an exchange filing late on Tuesday, the bank said the meeting of the CRC of the bank is scheduled to be held on or after July 10, to consider and approve the price band and discount, if any.

    On March 5, the Reserve Bank of India had superseded the board of YES Bank and put it under moratorium. This moratorium was lifted on March 18 and the central bank handed over the charge to a new set of board members. Prashant Kumar was appointed the new MD and CEO of the bank.

    Investors led by State Bank of India (SBI), including Housing Development Finance Corporation (HDFC), Axis Bank, ICICI Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank and IDFC First Bank invested Rs 10,000 crore in YES Bank.

    Ahead of the announcement, YES Bank shares closed 1.15 per cent lower at Rs 25.75 on the BSE, while benchmark Sensex rose 0.51 per cent to close at 36,674.52.
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    3 Comments on this Story

    Govind Gaur77 days ago
    Yes Bank has written down huge amount pertaining to senior citizens in the name of ATI BONDS& are left at the mercy of Hon Court We all know that how the Court function in India. We never doubt on its ability but uncertainty of time taken is the question. These affected people are misguided by the custodian, jI'm not using harsh words but sympathy is expected as most of them are at last leg of their life. They are aware about safety of funds earned throughout the life.l will be happy if Yes Bank resolve this issue to restore faith of the depositorswill be win win ssituation for both before raising funds from the public. Still the young generation look at the Seniors & restoration of their faith will definitely help the proposed endeavours of New management to restore its dignity back.
    Tvkon 77 days ago
    Look forward Yes bank to recover from and share values go up in this year.
    Hd Malani77 days ago
    Yes Bank coming up with FPO. In FPO retail shareholders will not be able to get firm allotment as was given to SBI & Other Banks at Rs.10 at the time of reconstruction by RBI. To compensate the controlling authorities need to look into giving firm allotment to retail and small share holders in reasonable proportion to their existing shareholders without any lock in period (banning SBI who is already a sort of promoter shareholder already & those Banks who were given already firm allotment at Rs10 and made bumber profits within a period of 15-20 days. Those banks should be banned from any participation in FPO in the first instance. Retailers have been subscribing many IPOs many many times and if whole amount is offered to them only it will be definitely subscribed.
    However, then if amount is not fully subscribed then to bring FPO immediately.
    There is a need to look into seriously the interest of retail and small shareholders and not the big banks and zigantic investors.
    Please raise the issue at appropriate level to get the justice for retail and small share holders.
    The Economic Times