YES Bank looks to raise ₹10,000 cr via FPO

Hindustan Times (Jalandhar) - - HTBUSINESS - Swaraj Singh Dhan­jal and Anirudh Laskar swaraj.d@livemint.com

MUM­BAI: YES Bank Ltd plans to soon launch a fol­low-on pub­lic of­fer­ing (FPO) to raise as much as ₹10,000 crore, said three peo­ple aware of the de­vel­op­ment.

The pri­vate lender, which was res­cued re­cently by a con­sor­tium led by State Bank of In­dia (SBI), is likely to file an of­fer doc­u­ment for the FPO as early as this week, said the first per­son cited above on con­di­tion of anonymity.

“If things go as planned, then the of­fer doc­u­ment for the FPO will be filed this week it­self. Bank of Amer­ica, Citi, Ko­tak and Axis Cap­i­tal are ad­vis­ing the bank on the FPO,” the per­son said.

Mul­ti­ple emailed queries sent to YES Bank did not elicit a re­sponse. The sec­ond per­son cited above said YES Bank has ap­proached mar­ket reg­u­la­tor Se­cu­ri­ties and Ex­change Board of In­dia to al­low it to ex­e­cute the FPO un­der the so-called fast track route, which will help it to tap the mar­ket im­me­di­ately.

The time­line for fil­ing the of­fer doc­u­ment also hinges on this ap­proval from Sebi, the per­son added.

“The quan­tum of funds that they will raise will de­pend on whether they can do the FPO un­der the fast track route or if they have to go through the reg­u­lar process. If they are al­lowed to do a fast track FPO, they could launch the deal this month it­self. Else it could take any­where from two to three months at least un­der the reg­u­lar FPO process,” he said.

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