Yes Bank IPO on June 15

Yes bank is entering the capital market on June 15 with an initial public offering of 70 million equity shares of Rs 10 each for cash at a premium to be decided through the book building process.

The issue closes on June 21, 2005. The price band for the issue has been fixed between Rs 38 and Rs 45 per equity share with a face value of Rs 10, Munish Dayal, business head, Yes Bank said.

Of the million equity shares on offer, which would constitute 25.93 per cent of the fully diluted post-issue equity capital – up to 50 per cent has been reserved for

allotment on a discretionary basis to Qualified Institutional Buyers, at least 25 per cent to non-institutional investors and at least 25 per cent to retail individual investors on a proportionate basis, he said.

Yes bank received licence to commence commercial banking in May 2004 and by August 2004, the Bank began its corporate, institutional and business banking operations.

Treasury and transactions banking business commenced operations in September and October 2004 respectively.

Yes bank has two branches, one each in Mumbai and Delhi and has licences to open another 28 branches, he said.