YES Bank raises Rs 1,930 cr through QIP route; shares up nearly 5%

YES Bank on Friday said that it has raised Rs 1,930 crore through Qualified Institutional Placement (QIP) route following the allotment of its equity shares on August 15, 2019. The eligible qualified institutional buyers (QIBs) were allotted 23.1 crore shares of face value of Rs 2 each at Rs Rs 83.55 per shares, private lender YES Bank said in  an exchange filing. The issue saw strong response from foreign as well as from domestic QIBs, the private lender also said. “The QIP also enables a further diversification of the shareholder base of YES BANK,” it added. Shares of YES Bank were trading at Rs 80.25, up 3.70 points, or 4.83 per cent on NSE at the time of reporting.

CLSA India Private Limited, JM Financial Limited, Motilal Oswal Investment Advisors Private Limited, Prime Securities Limited and YES Securities (India) Limited were the global coordinators and book running lead managers to the QIP issue of the private lender.

In the first quarter of the running fiscal Yes Bank’s net profit fell 90.97 per cent on account of lower other income and higher provisioning. The private bank posted a net profit  Rs 113.76 crore for the three months ended 30 June as against Rs 1,260.36 crore in the year-ago period. Other income, which includes core fee income, plunged 24.88 per cent to Rs 1,272.66 crore in the three months from Rs 1,694.14 crore a year ago. The provisions rose over two folds to Rs 1,784.11 crore as against Rs 625.65 crore in the year-ago quarter. In the December to March quarter, the private lender Yes Bank had set aside Rs 3,661.70 crore in provisions.

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