March 23, 2017 / 1:34 PM / 8 months ago

Yes Bank launches up to $750 million share sale - term sheet

MUMBAI (Reuters) - Yes Bank Ltd, India’s fifth-biggest private sector lender by assets, has launched a share sale to institutions to raise as much as $750 million, according to a deal term sheet seen by Reuters.

A man walks past ICICI Bank and Yes Bank automated teller machines (ATMs) in New Delhi, India, October 20, 2016. REUTERS/Adnan Abidi

The base size of the sale of new shares is $650 million and the bank has an option to increase it to $750 million, the term sheet showed.

The shares are being sold in a price range of 1455 rupees to 1500 rupees. The price range reflects a discount of 1.22 percent to 4.19 percent to the stock’s Thursday closing price of 1,518.60 rupees on the National Stock Exchange.

Last September the lender shelved an up to $1 billion share sale a day after launching the deal.

Bank of America Merrill Lynch, CLSA, IIFL, Motilal Oswal are managing the latest share sale.

Reporting by S. Anuradha, Devidutta Tripathy and Savio Shetty; editing by David Clarke

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