AZB advises struggling Yes Bank on US$2bn FPO

yes bank

AZB & Partners advised Yes Bank on its ₹150 billion (US$2 billion) further public offering of equity shares that launched on 15 July, while IndusLaw advised the eight bookrunning lead managers on Indian law and Linklaters advised them on international law.

The public offering, which was 95% subscribed when it closed on 17 July, follows a period of turmoil at Yes Bank, including a breach of statutory capital requirements, imposition of a moratorium, and the arrest of the bank’s co-founder and former CEO.

A rescue plan backed by the State Bank of India, the Yes Bank Reconstruction Scheme 2020, was put in place in mid-March.

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