Yes Bank raises Rs 1,930cr from QIP at Rs 83.55 per share

Yes Bank August 14 closed the qualified institutional placement (QIP) totalling Rs 1,930.4 crore at an issue price of Rs 83.55 per share (including a share premium of Rs 81.55 per share).

The issue price is at a discount of roughly 4.95 percent or around Rs 4.35 per share to the floor price of Rs 87.90 per share, the bank said in a release to the exchange.

The QIP is for the issuance of 231,055,018 equity shares aggregating 9.96 percent of the share capital of the bank, as on August 9, 2019, on a pre-Issue basis.

The issue size is "not accounting for the allotment of shares on August 10, 2019, pursuant to the exercise of options by the employees, against a limit of 10 percent of pre-issue share capital as approved by the shareholders), to be allotted to eligible qualified institutional buyers pursuant to the Issue," the bank said in the release.