Yes Bank has filed the red herring prospectus with the Registrar of Companies in connection with its public offering of equity shares, the lender said in a press release.

Share Market Live

NSE

The offer comes as part of the lender's plans to raise up to Rs 15,000 crore by way of fresh issue of equity shares.

“In continuation to our letter dated July 7, 2020, we wish to inform you that the Bank has filed a red herring prospectus dated July 7, 2020 (“RHP”), in connection with the offer with the Registrar of Companies, Maharashtra at Mumbai,” company secretary Shivanand R Shettigar said in a letter to BSE and NSE.

The three-day offer, which includes an employee reservation portion of up to Rs 200 crore will commence on Wednesday with anchor investor bidding date set on July 14.

The development comes as the lender, which was bailed out in March through an RBI-overseen rescue, is making attempts to recover from the decline it witnessed in the recent past.

The lender has seen a significant decline in its deposit base and a sharp rise in the non-performing assets in the past six months at a time when the new management, led by former State Bank of India executive Prashant Kumar, is trying to resurrect it.

First Published:Jul 9, 2020 1:01 PM IST