Categories: Business

Yes Bank's FPO will open on July 15, shares will also be given to bank employees

Photo: GOOGLE

YES Bank's Rs 15,000 crore FPO to open on July 15

New Delhi Private sector Yes Bank on Thursday said it has filed a red herring prospectus to raise up to Rs 15,000 crore by issuing fresh equity shares through a follow-on public offer (FPO). The offering will open on 15 July 2020 and close on 17 July 2020. Earlier this week, Yes Bank received approval to raise funds through an offer from the Capital Raising Committee (CRC) of its board of directors.

Yes Bank told the stock market that the bank filed a Red Herring Prospectus (RRP) on July 7, 2020 before the Registrar of Companies in Maharashtra. Yes Bank said that the FPO offer is worth Rs 15,000 crore. Under this, fresh shares will be issued and shares worth Rs 200 crore will be reserved for employees.

State Bank of India (SBI) said in a statement that the executive committee of its central board has approved investment in Yes Bank's FPO up to a maximum of Rs 1,760 crore on Wednesday. The government approved a bailout scheme for Yes Bank on 13 March. Under the scheme, Yes Bank received around Rs 10,000 crore from eight financial institutions. This included Rs 6,050 crore received from SBI.

This post was published on July 9, 2020 12:48 pm

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