Great opportunity to earn !
Great opportunity to earn! Yes Bank will sell shares at half price.
The scandal erupted in March after Rana Kapoor was scammed. Yes Bank was banned. SBI had acquired a 49 per cent stake in Yes Bank in March. Also, SBI’s central board has approved an investment of Rs 1,760 crore in FPOs.
New Delhi: The private sector Yes Bank, which is in financial crisis due to a multi-billion rupee scam, will sell 15,000 crore shares. Importantly, the shares will be sold at half price and the offer will be available from July 15 to July 17. The base price of the stock has been fixed at Rs.
The scandal erupted in March after Rana Kapoor was scammed. Yes Bank was banned. This caused the bank’s shares to plummet. However, the Union Finance Ministry later announced Yes Bank Rejuvenation Scheme 2020 and appointed two directors of State Bank of India on the bank’s new board of directors. This ensured that Yes Bank would rise again.
Now, due to the crisis, Yes Bank has decided to raise money from the market. The follow-on public offer (FPO) will be launched on July 15 and will raise Rs 15,000 crore. The minimum rate for FPO will be Rs. Similarly, for a share of Rs 2, the floor price has been fixed at 6 times and the cap price at 6.5 times. The plan is to bid for at least 1000 shares. So you can bid in multiples of thousands. Eligible employees of the bank will be given a discount of Rs.
Prashant Kumar, managing director of the bank, said the money from the FPO would be enough to grow the bank for the next two years. The number of employees will be kept within reach to reduce the cost. SBI had acquired a 49 per cent stake in Yes Bank in March. Also, SBI’s central board has approved an investment of Rs 1,760 crore in FPOs.
The bank will sell the stock at half price on Friday. The bank has identified the assets involved in some of the cases. Corporate debt will also be reduced from 55 per cent to 40 per cent.
