Advertisement

Ahead of FPO listing Yes Bank sees a drop of 20% in shares

Yes bank share has been slipped around 20% in early trade today along with the stock falling for the fourth straight session as well. The share price of the YES Bank has been opened with a loss of around 20 percent to hit a low of around Rs 14.60 as against the previous close of around Rs 18.25 on the BSE as well.

Advertising
Advertising

The large-cap of the share is then trading lower than around 5 days, 20 days, 50 days, 100 days, and so also around 200-day moving averages very well. A total of around 241 lakh shares that have been changed hands amounting to a turnover of around Rs 36.94 crore.

Advertisement

The market cap of the lender fell to around Rs 19,327 crore as well. The share has been lost around 82% in one year and fallen around 66.13% since the beginning of this year as well. In a month, the specific stock has been declined by around 42%. At around 12:09 pm, the share was trading around of 15.34% lower at around Rs 15.45 on the BSE.

The stock has been falling since the bank concluded its round of Rs 15,000 crore follow-on public offer (i.e. FPO) on 17th July. The fall in share price that came even as Moody’s told the fundraising will strengthen the core capital and the loss that is absorbing buffers, besides that reducing the default risks for the creditors as well. YES Bank’s FPO has received around 93 percent of the subscription on the final day of bidding as well.

Advertisement

The FPO subscription was around 95 percent after including the anchor investors’ portion. The SBI Capital Markets was the underwriter for the issue as well. The FPO has received bids for around 84.78 crore shares against the offered size of around 90.99 crore shares, translating into a subscription of around 93 percent, as per data available with the National Stock Exchange as well. YES Bank has fixed a price band of around Rs 12-13 per share for the FPO, which is opened for the subscription on 15th July.

The lender has been announced the FPO after the bank’s capital that fell below the regulatory mandate and also plans to use the proceeds for the growth. Funds from the FPO would suffice the lender for around two years as well. The Kotak Mahindra Capital Company, the SBI Capital Markets, Axis Capital, Citigroup Global Markets India Pvt Ltd, Capital Markets Pvt Ltd, ICICI Securities, HSBC Securities, and also YES Securities Ltd were the specific merchant bankers for the issue as well.

Also Read: Biocon shares jumped almost 5 percent in morning trade on BSE on July 14