At the beginning of last week, stock market favourite Yes Bank was planning to raise $1 billion in a qualified institutional placement (QIP). Yes Bank declined to answer ET's questions.In hindsight, the problems began with the timing — the process was launched late on the evening of Wednesday, September 7, at around 7.30-8 pm India time. On a day when markets had been within touching distance of an all-time high, he had failed to sell the Yes Bank story to marquee global investors. Luthra & Luthra, Shardul Amarchand Mangaldas and Allen & Overy, legal counsel to Yes Bank and the QIP managers respectively, declined to comment citing client confidentiality.Yes Bank can always hold another QIP in a few months. Investors who bought the Yes Bank story in 2004, when it raised half the sum it tried to raise last week, are clearly saying no this time.

Source: Economic Times September 11, 2016 20:48 UTC