Yes Bank share price falls over 9% on lender's board approving FPO price band

Shares of YES Bank fell over 9% on Friday's session after the board of the company approved cleared a further public offer (FPO) to raise around Rs 15,000 crore to boost its capital adequacy.

As per lender's red herring prospectus dated (RHP), the shares can be bid in lots of 1,000 equity shares. FPO will open on July 15, 2020, and close on July 17, 2020.

Following the news, YES Bank shares fell 9.19% to the intraday low of Rs 24.3 on BSE. The stock opened at Rs 26.80, it's intraday high on BSE.

The share price of YES Bank is trading lower than 5, 20, 50, 100 and 200-day moving averages. YES Bank stock has fallen after 2 days of consecutive gain. YES Bank shares have fallen 3.25% in one week, 16.9% in one month, and 46% since the beginning of the year.

The stock today traded in a wide range of Rs 2.6. Meanwhile, 'Private Banks' sector has fallen by 2.24%, with Sensex falling 0.48% in today's session.

The private sector lender said it has filed a red herring prospectus after receiving approval from the capital-raising committee (CRC) of the further public offer (FPO) to raise around Rs 15,000 crore to boost its capital adequacy.

The private lender has also reserved a portion of up to Rs 200 crore for employees in the forthcoming FPO, where a discount of Rs 1.00 per equity share will be given to the eligible employees.

YES Bank's Rs 15,000 crore FPO to open on July 15; floor price fixed at Rs 12 per share

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