Amarchand Mangaldas and Linklaters have advised India’s Yes Bank on its raising of $500 million through a qualified institutional placement (QIP) of shares.
The issue was aimed at raising capital to support its growth plans and also to meet incremental capital to facilitate the additional capital requirements under the Basel-III norms, according to the Business Standard. The issue was subscribed five times, showing that investors have an appetite for equity deals now.
The Amarchand team was led by Mumbai partners Yash Ashar and Abhimanyu Bhattacharya.
Luthra & Luthra and Allen & Overy acted for the lead managers Goldman Sachs, Deutsche Equities India, HSBC Securities & Capital Markets, JM Financial, Motilal Oswal and UBS Securities India. Hong Kong capital markets partner Amit Singh led the A&O team, while the Luthra's team was led by partner Manan Lahoty.
In January 2010, Yes Bank raised Rs. 1,033.87 crores ($171.72 million) through the QIP route. In December 2006 and December 2007, the bank raised Rs.120 crores and Rs. 330.75 crores, respectively, through private placements.