Financial Daily from THE HINDU group of publications
Tuesday, Apr 19, 2005
Financial Daily from THE HINDU group of publications Tuesday, Apr 19, 2005 |
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Money & Banking
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IPOs YES Bank IPO likely in mid-May Our Bureau
(From left)Mr Rana Kapoor, MD & CEO, YES Bank; Mr Robert Blake, Charge d'affaires, US embassy; and Mr George Deikum, Mission Director, USAID/India, at a function in the Capital on Monday. - - Kamal Narang
New Delhi , April 18 THE initial public offer (IPO) of YES Bank is likely to hit the market in the second week of May. The bank plans to offer 7 crore shares through a book-built offer. ``If all goes well, the IPO will open by May 9,'' the Chief Executive Officer, YES Bank, Mr Rana Kapoor, said at a function organised to sign a loan agreement with United States Agency for International Development (USAID). YES Bank has filed its red herring prospectus with the Securities and Exchange Board of India. Post-IPO, the stake of the bank's two promoters — Mr Rana Kapoor and Mr Ashok Kapur — will come down from 52 per cent to about 40 per cent.DSP Merrill Lynch and Enam Financial Services are the lead managers of the IPO. Mr Kapoor said YES Bank plans to raise another Rs 100 crore through tier-II capital by September. The bank today signed a Rs 87-crore ($20-million) loan guarantee agreement with USAID to promote lending to small and medium enterprises (SMEs) for projects in energy, environment and water sectors. ``It will spark private lending to SMEs that aim to commercialise renewable, efficient energy and water technologies, products and services,'' Mr Kapoor said. YES Bank will provide the entire debt component of $20 million for 8 to 12 projects and the US guarantee covers 50 per cent of net principal loss in case of default. The US loan guarantee would have to be utilised in four years, Mr Kapoor said. The projects likely to be funded by the bank include small hydropower projects of 5 to 8 MW in Himachal Pradesh and Uttaranchal, biomass projects in Tamil Nadu and Andhra Pradesh, and wind power projects in Karnataka and Rajasthan.
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