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QIP as backup plan for YES Bank?

The lender, which is planning to raise as much as $2 billion via share sale, wants to keep options open as it negotiates with prospective investors.

By Joel Rebello and Reena Zachariah, ET Bureau |Updated: December 13, 2019, 07.12AM IST
MUMBAI: Yes Bank is seeking exemption from Sebi to raise funds under the qualified institutional placement (QIP) programme as a backstop for its ongoing plan to sell stake via preferential allotment, people familiar with the matter said. The lender, which is planning to raise as much as $2 billion via share sale, wants to keep options open as it
6% to close at Rs 45.35 on BSE. The Citax bid, if approved, could lead to the investor owning 12-13% of equity with other investors owning lesser stake. The domestic investors seeking to participate in Yes Bank share sale include GMR Group ($50 million), Aditya Birla Family Office ($25 million) and Rekha Jhunjhunwala ($25 million), the bank had said.

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