Private sector lender Yes Bank has decided to defer its plans to raise up to $1 billion through a qualified institutional placement (QIP). The decision follows the sharp drop in the bank’s share price on September 8, by 5.32 per cent.“Due to extreme volatility during today's trading because of misinterpretation of new QIP guidelines, Yes Bank has been advised by its appointed Merchant Bankers to defer its proposed QIP,” the bank informed the stock exchange after market-hours. Shares were offered to institutional investors in the range of Rs.1,350 to Rs.1,410 per share. Yes Bank stock declined Rs.74.75 to end the day at Rs.1330.65 on the BSE.
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