YES Bank hits new high since January 2021; stock soars 15%-HDmoviesfreedownload



Shares of YES Bank moved higher up to 15 per cent to Rs 17.46 and hit the highest level since January 2021 on the BSE in Tuesday’s intra-day trade. The stock of private sector lender surpassed its previous high of Rs 17.55 that it had touched on January 25, 2021.


In the past three trading days, YES Bank gained 20 per cent after the bank announced to raise equity capital of around 1.1 billion (Rs 8,900 crore) from funds affiliated with two global private equity investors – Carlyle and Advent International, with each investor potentially acquiring up to 10 per cent stake in the lender.


YES Bank will raise funds through a combination of about $640 million (Rs 5,100 crore) in shares and about $475 million (Rs 3,800 crore) in share warrants. It will offer 3.69 billion shares to affiliates of Carlyle Group and Advent.


“The bank proposes to issue 3,700 million equity shares on a preferential basis at Rs 13.78 per share and around 2,570 million warrants convertible into equity shares at Rs 14.82 per warrant, adding Rs 8,900 crore to the equity capital base of the bank,” YES Bank said.


The management said that the capital raise will bolster capital adequacy of YES Bank and aid their medium to long term sustainable growth objectives. Once approved, this would be one of the largest private capital raises by an Indian private sector bank.


The capital raise is subject to shareholders’ approval at the EGM of the bank, which will be held on August 24, 2022 and relevant regulatory or statutory approvals.


Meanwhile, in the past one month, the stock of YES Bank has zoomed nearly 35 per cent, as against 10 per cent rise in the S&P BSE Sensex. It has recovered 65 per cent from its 52-week low of Rs 10.51 that it had touched on August 23, 2021.


At 12:35 PM; YES Bank traded 13 per cent higher at Rs 17.20 on the back of heavy volumes. A combined 497 million equity shares changed hands on the NSE and BSE. In comparison, the S&P BSE Sensex was down 0.22 per cent at 57,989 points.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Leave a Reply

Your email address will not be published.