YES Bank shares were locked in 10 per cent lower circuit after its follow-on public offer (FPO) shares started trading on Monday. The stock plunged 9.89 per cent to Rs 12.30, its lower circuit limit, on the BSE. At the NSE, it fell 9.89 per cent to its lowest trading permissible limit for the day of Rs 12.30. The lower circuit is the limit below which a stock price cannot trade on a particular trading day so as to control the volatility in the stock price.
"12,50,44,33,750 equity shares of Rs 2 each fully paid up securities of YES Bank Limited are listed and admitted for trading on the Exchange with effect from Monday, July 27, 2020. These shares rank pari-passu with the existing equity shares of the company," according to a BSE release on Friday.
According to the release, YES Bank said Bay Tree India, an entity controlled by American investor Tilden Park, has been allotted 7.48 per cent stake or 187.5 crore shares in the firm.
YES Bank's FPO had offered to raise Rs 15,000 crore and it was subscribed 93 per cent on the final day of bidding. Qualified Institutional Buyers (QIB) portion was subscribed 1.90 times. Non-Institutional Investors (NII) portion has received 63 per cent subscription, while retail quota was subscribed 47 per cent in the day. Employee portion was subscribed 33 per cent.
The FPO subscription was 95 per cent after including the anchor investors' portion. An issue is considered successful if it receives a minimum subscription of 90 per cent of its total size. YES Bank had fixed a price band of Rs 12-13 per share for the FPO, which opened for subscription on July 15.