Yes Bank denies billion dollar QIP rumors

Yes Bank, one of India’s youngest, and fastest-growing banks, said it had no plans to go for a billion-dollar qualified institutional placement of its shares as reported by the media.

The bank had tried to do a mega share sale in September last year, but the effort didn’t find success for various reasons.

This time, the Bank was careful to nip any speculation about its “potential QIP” in the bud.

In a clarification, it denied media reports that it had appointed Goldman Sachs and CSFB to manage the share sale and said it has not appointed the two.

“The QIP Issuance amount of $1 bln is also totally incorrect,” the bank said in a statement.

“There has been no meeting of the capital raising committee of Yes Bank in the recent past, that has been held in this connection and therefore these rumors are totally unfounded and highly speculative,” it said.

Shares of the company fell by about 2% today after share sale reports.

“Yes Bank shall make the requisite regulatory filing as and when Yes Bank plans any capital market activity,” the Mumbai-based institution added.