The stock plunged 9.89 per cent to Rs 12.30 on the BSE.
A security guard stands outside a Yes Bank branch in New Delhi. (Photo: AFP)
Yes Bank Lt stock on Monday hit 10 per cent lower circuit after its follow-on public offer shares started trading. This is the sixth session in a row where bank’s shares have tumbled.
The stock plunged 9.89 per cent to Rs 12.30 on the BSE.
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At the NSE, it tanked 9.89 per cent to its lowest trading permissible limit for the day of Rs 12.30.
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“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 notice issued on Friday.
Reports suggest that American investor Tilden Park’s Bay Tree India, has been allotted 7.48 per cent stake or 187.5 crore shares in the firm.
Yes Bank’s follow-on public offer to raise Rs 15,000 crore was subscribed 93 per cent on the final day of bidding.
On July 10, Yes Bank announced a Rs 15,000 crore Follow-On Public Offer (FPO) with final issue price at Rs 12 per share. Yes Bank had fixed a price band of Rs 12-13 per share for the FPO, which opened for subscription on July 15. Since July 9, lender’s shares have fallen almost 53.85 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.
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