Yes Bank has raised Rs 4098.46 crore from anchor investors ahead of its follow-on public offer (FPO) on Wednesday. The company has allocated 3,415,384,614 equity shares to the anchor investors at Rs 12 per equity share, which may be subject to change upon determination of the offer price, Yes Bank said in a statement to the stock exchanges.
According to investment banking sources, several investors including FPIs have been allocated shares at Rs 12 apiece in the anchor portion. These investors are US-based alternative asset manager Tilden Park Capital Management LP, Singapore-based fund management company Amansa Capital and UK-based fund management firm Jupiter Fund.
Tilden Park, a multi-strategy fixed-income-focused alternative asset manager with expertise in distressed credit, through its investment vehicle BayTree India Holdings is the largest investor in the FPO and has invested over Rs 2,250 crore in the lender.
The other investors who have received an allotment in the anchor book are HDFC Life Insurance, Bajaj Allianz Life Insurance, ICICI Lombard, Reliance General Insurance, RBL Bank, among others.
Yes Bank's FPO is set to open on July 15 and close on July 17.
Yes Bank aims to raise Rs 15,000 crore via FPO today. As per lender's red herring prospectus (RHP), the shares can be bid in lots of 1,000 equity shares and multiples thereafter. The private sector lender said it has filed a red herring prospectus after receiving approval from the capital-raising committee (CRC) of the further public offer (FPO), a process by which a listed company raises fresh capital by issuing new equity shares to the public.
The board of the private lender on July 10 approved the floor price of its FPO at Rs 12 per equity share and a cap of Rs 13 per equity. The set floor price is almost 50% lower than the current market price of the private lender. The bank has reserved a portion of up to Rs 200 crore for employees in the forthcoming FPO, where a discount of Rs 1 per equity share will be given to the eligible employees.
The private lender has kept a retail portion for investment at a minimum of 35% of the offered size, while a minimum of 15% of shares has been reserved for non-institutional investors. Qualified institutional buyers (QIB) portion for investment has been kept at 50% of the total issue size.
Yes Bank share closed 5.22 per cent or Rs 1.15 down at Rs 20.90 on the National Stock Exchange on Tuesday.