YES Bank share slipped 20% in early trade today with the stock falling for the fourth straight session. Share price of YES Bank opened with a loss 20 per cent to hit a low of Rs 14.60 against previous close of Rs 18.25 on BSE. The large cap share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Total 241 lakh shares changed hands amounting to a turnover of Rs 36.94 crore. Market cap of the lender fell to Rs 19,327 crore. The share has lost 82% in one year and fallen 66.13% since the beginning of this year. In a month, the stock has declined 42%.
At 12:09 pm, the share was trading 15.34% lower at Rs 15.45 on BSE. The stock has been falling since the bank concluded its Rs 15,000 crore follow-on public offer (FPO) on July 17.
The fall in share price came even as Moody's said the fund raising would strengthen the core capital and loss-absorbing buffers, besides reducing default risks for creditors.
YES Bank's FPO received 93 per cent subscription on the final day of bidding. The FPO subscription was 95 per cent after including the anchor investors' portion. SBI Capital Markets was the underwriter for the issue.
The FPO received bids for 84.78 crore shares against the offer size of 90.99 crore shares, translating into a subscription of 93 per cent, as per data available with the National Stock Exchange.
YES Bank fixed a price band of Rs 12-13 per share for the FPO, which opened for subscription on July 15.
The lender announced the FPO after the bank's capital fell below the regulatory mandate and plans to use the proceeds for growth.
Funds from the FPO will suffice the lender for two years.
Kotak Mahindra Capital Company, SBI Capital Markets, Axis Capital, Citigroup Global Markets India Pvt Ltd, DSP Merrill Lynch, HSBC Securities and Capital Markets (India) Pvt Ltd, ICICI Securities and YES Securities (India) Ltd were the merchant bankers for the issue.
By Aseem Thapliyal