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Yes Bank to raise funds via follow-on public offer; stock surges over 5%

Yes Bank to raise funds via follow-on public offer; stock surges over 5%

Yes Bank to raise funds via follow-on public offer; stock surges over 5%
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By Mousumi Paul  Jul 8, 2020 1:24:32 PM IST (Published)

Yes Bank's share price surged over 5 percent on Wednesday after it announced to raise funds via follow on public offer (FPO). The stock gained as much as 5.24 percent to Rs 27.10 per share on the NSE. The bank’s Capital Raising Committee (CRC) is set to meet again on Friday, July 10 to consider and approve the price band and other details of the offering.

Yes Bank's share price surged over 5 percent on Wednesday after it announced to raise funds via follow on public offer or Further Public Offering (FPO) without disclosing the amount.

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The stock gained as much as 5.24 percent to Rs 27.10 per share on the NSE. It pared some gains to trade 2.52 percent higher to Rs 26.40, at 11:25 am.
In its exchange filing yesterday, the company said, "We wish to inform you that the Capital Raising Committee of the Board of Directors of the Bank (“CRC”), at its meeting held earlier today i.e., July 7, 2020, has approved raising funds by way of a further public offering (“Offer”).”
The bank’s Capital Raising Committee (CRC) is set to meet again on Friday, July 10 to consider and approve, amongst other things, the price band and other details of the offering, it said.
Furthermore, it would disseminate more details after the closure of the requisite formalities with the Registrar of Companies, Maharashtra in accordance with SEBI guidelines.
According to CNBC-TV18 sources, the bank is expected to raise anywhere between Rs 10,000 crore to Rs 15,000 crore, depending on investor appetite.
On May 8, CNBC-TV18 had reported that YES Bank had appointed six merchant bankers for its proposed capital raising. These are Axis Capital, Kotak Investment Banking, SBI Caps, Bank of America, Citi, and HSBC Capital Market.
 
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