Yes Bank sets 55% discount for $2b share sale

Yes Bank Ltd set a large discount in the price range for its $2 billion public offering scheduled for next week.

The Mumbai-based lender plans to sell the shares at Rs12 to Rs13 apiece, a filing showed. That’s a discount of as much as 55 per cent to Thursday’s close.

Yes Bank, which was bailed out earlier this year, is the latest Indian lender to announce capital raising plans, to boost buffers as the pandemic threatens to increase bad loans. Kotak Mahindra Bank Ltd raised almost $1 billion in late May selling shares at a discount of just over 1 per cent.