Yes Bank shares tank 8% after QIP

An Indian man walks out of a Yes Bank building in Ahmadabad, India, Friday, Sept. 21, 2018. Shares of the bank fell nearly 29% as several brokerages downgraded the stock and cut its target price after the Reserve Bank of India (RBI) asked CEO Rana Kapoor to step down from the post by Jan. 31, 2019. (AP Photo/Ajit Solanki)

Yes Bank shares

tank 8% after QIP

Yes Bank shares fell close to 8% on Friday after its qualified institutional placement, through which the lender was planning to raise ₹2,000 crore. The QIP was fully subscribed. On Thursday, post market hours, the lender had set the QIP floor price at ₹87.9 apiece. The shares closed at 82.10. This round of equity capital raising will lead to 10% dilution. Motilal Oswal, JM Financial, CLSA, among others, were the investment banks that handled the QIP.