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Yes Bank Hits 5% Upper Circuit On Repaying Rs 35,000 Crore To RBI


On Wednesday, Yes Bank's shares were locked in an upper circuit of 5 percent for the second straight day at Rs 15.8. The previous day in a stock exchange filing, the private lender said in its annual report that it has repaid Rs 35,000 crore to the Reserve Bank of India (RBI) under the special liquidity facility.

Yes Bank Hits 5% Upper Circuit On Repaying Rs 35,000 Crore To RBI

Yes Bank had borrowed Rs 50,000 crore from the regulator. While announcing its June-ended quarterly results, the bank had said that it had repaid Rs 25,000 crore in July.

"In addition to the SLF of Rs 50,000 crore extended by RBI, the bank has since then received strong customer liquidity inflows. I am pleased to report that the bank has, as of date, repaid Rs 35,000 crore of SLF. The balance will be repaid within the timelines set by RBI," Sunil Mehta, Yes Bank's chairman said in the annual report.

"Yes Bank has made significant progress. The bank successfully raised equity funding of Rs 15,000 crore through a follow‑on public offering (FPO) within four months of the restructuring scheme, amid challenging market conditions, towards the end of July," Mehta added.

In March, the bank was rescued from dilution under the YES Bank Reconstruction Scheme 2020, with Sunil Mehta as the chairman. The RBI with the approval from the Finance Ministry was able to help rebuild the bank with capital from State Bank of India (SBI), HDFC Limited, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank, Federal Bank and Bandhan Bank, along with the central bank.

Further, Yes Bank on Tuesday said that it has divested more than 8 percent stake worth over Rs 75 crore in CG Power and Industrial Solutions through open market transactions.

Read more about: yes bank
Story first published: Wednesday, August 19, 2020, 12:34 [IST]
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