Thursday, October 31, 2019

Yes Bank Jumps 35% On $1.2-Billion Investment Offer From Global Investor

Yes Bank Jumps 35% On $1.2-Billion Investment Offer From Global Investor

Yes Bank surged as much as 35% to hit intraday high of Rs 77 after it received a binding offer of investment of $1.2 billion from a global investor.


Shares of the Mumbai-based private sector lender - Yes Bank - surged as much as 35 per cent, its biggest single day gain in four weeks, to hit an intraday high of Rs 76.65 after it received a binding offer of investment worth $1.2 billion from a global investor. On the National Stock Exchange, Yes Bank shares climbed as much as 29 per cent to Rs 73.80.

"The Bank would like to inform that it has now received a binding offer from a global investor for an investment of $1.2 Billion in the Bank through fresh issuance of equity shares, subject to regulatory approvals/conditions as well as Bank's Board and Shareholders approvals," Yes Bank said in an exchange notification.


The investment in the bank comes after its talks with various foreign as well as domestic private equity and strategic investors for raising capital, Yes Bank said. Yes Bank remains firmly on course to raising growth capital subject to necessary approvals, the bank added in a statement.

Yes Bank shares witnessed heavy selling pressure since the start of this year on the back of worsening asset quality and its inability to raise growth capital, analysts said. Since the start of the year Yes Bank shares collapsed as much as 84 per cent to hit an all-time low of Rs 29.05 on October 1.

As of 1:26 pm, Yes Bank shares traded 27 per cent higher at Rs 71.20, outperforming the Sensex which was up 0.69 per cent.



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