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YES Bank scrip was trading down 1.36 per cent in early morning trade on BSE on Wednesday. The private sector lender plans to raise close to ₹15,000 crore of capital through a follow on public offer.
Tilden Park Capital Management, which was also in the fray to invest in the lenderbefore it was put under the reconstitution scheme, may pick up a significant stake in the planned FPO.
The proposal for capital-raise through FPO was cleared by the Capital Raising Committee of the bank’s board of directors on Tuesday.
“Post closure of the requisite formalities with the Registrar of Companies, Maharashtra, at Mumbai, the details in respect of the offer will be disseminated…,” it said.
The committee will meet again on July 10 to approve the price band and discount, among other issues, the lender said in a regulatory filing.
It, however, did not specify the amount it will raise through the FPO. Sources said the FPO could be launched as early as next week.
The lender had recently restated its consolidated and standalone financial statements for the last three fiscals from FY18 to FY20.
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