Private sector lender Yes Bank on Tuesday raised Rs 4,500 crore from anchor investors ahead of its follow-on public offer that opens on Wednesday, investment banking sources said.
The company has fixed the price band at Rs 12-13 per equity share for its follow-on public offer (FPO) which will be open for subscription from July 15-17.
Yes Bank is aiming to raise Rs 15,000 crore through the issue to ensure adequate capital to support its growth and expansion, including enhancing its solvency, capital adequacy ratio, and evolving regulatory requirement.
According to investment banking sources, several investors including FPIs have been allocated shares at Rs 12 per share in the anchor portion.
These investors include 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, they said.
Tilden Park, a multi-strategy fixed-income-focused alternative asset manager with expertise in distressed credit, has entered the Indian market by participating in Yes Bank’s anchor book. It has invested over Rs 2,700 crore in the lender.
The other investors who have received allotment in the anchor book are Elara Capital, RBL Bank, Hinduja Group’s Leyland Finance, HDFC Life Insurance Company and ICICI Prudential Mutual Fund, the sources said.
Kotak Mahindra Capital Company, SBI Capital Markets, Axis Capital, Citigroup Global Markets India Private Limited, DSP Merrill Lynch, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities and YES Securities (India) Limited are the merchant bankers of the issue.