On Thursday, private sector lender Yes Bank said country's leading public sector insurer LIC has bought close to 5% stake in the bank from the open market. On the fresh stake, LIC's stake in the bank increases to 4.9 per cent from 0.75%, said the bank in a regulatory filing.
The trusted insurance player bought 105.98 crore shares, equivalent to 4.23 per cent stake from the open market, the filing added. Now, the insurer company has a total holding of 125 crore shares of Yes Bank. The period of acquisition is between September 21, 2017, and July 31, 2020, it said.
Earlier at the start of this week, global investment firm Moody's Investors Service upgraded Yes Bank's long-term foreign currency issuer rating by a notch to ''B3'' from ''Caa1'' after the successful capital raising to the tune of Rs 15,000-crore. Despite the upgrade, Yes Bank still continues to be under non-investment grade.