Mumbai: Yes Bank News - Yes Bank said on Thursday that it will launch its follow-on public offer (FPO) on July 15. The lender said in a recording to the stock exchanges that the offer would be closed on July 17.
It added that he submitted the offer document for the registrar of companies for the FPO to raise up to ₹15,000 crores.
The offer will include an employee reservation portion of ₹200 crores.
Investment banks Axis Capital, Kotak Mahindra Capital, Citi, and Bank of America are advising Yes Bank on the FPO as per the latest Yes bank news.
On Wednesday, India's largest Indian bank lender (SBI), said its board has approved an investment of up to ₹1,760 crores in the upcoming follow-on public offer of Yes Bank.
On March 13, the government approved a rescue plan for Yes Bank backed by SBI. Under the plan, domestic investors including SBI, Housing Development Finance Corp, ICICI Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank, and IDFC First invested ₹10,000 crores into Yes Bank.
The state SBI led the rescue with a ₹6,050 crore infusion and currently holds a 48.2% stake in the bank.
In the rescue process, Yes Bank's AT1 bonds worth ₹8,415 crores were written down in full in March.
Also Read: Yes Bank to auction assets of Avantha, Oscar Investments to recover ₹1,000 cr