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Yes Bank Shares Climb Over 6% On Receiving Bids From Investors

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Shares of Yes Bank rose as much as 6.4 percent to Rs 37.65 apiece on Thursday after the private lender confirmed that it has received expressions of interest from several investors.

Yes Bank Shares Climb Over 6% On Receiving Bids From Investors
YES Bank: Quotes, News
BSE 38.90BSE Quote1.7 (4.37%)
NSE 38.90NSE Quote1.7 (4.37%)
 

On Wednesday, after market hours, the bank in a stock exchange filing said, "As you are aware, the Bank is currently engaged in capital raising. In this regard we wish to disclose that we have received non-binding expressions of interest ("EOis") from several prominent investors. These include J.C. Flowers & Co. LLC; Tilden Park Capital Management LP; OHA (UK) LLP (part of Oak Hill Advisors); Silver Point Capital."

Financial results delayed

It further said that as its management was "deeply engaged" with the capital raising process, it will delay the publishing of its financial results for the December-ended quarter.

"Given that the current capital raising process has the Bank' s fullest attention, it would like to inform the exchanges that it will publish its unaudited financial results for the quarter and nine month period ending December 31, 2019 on or before March 14, 2020," it said.

"This exceeds the 45 day period from the end of the relevant quarter as stipulated under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," it added.

Rating downgrade

Meanwhile, India Ratings and Research downgraded Yes Bank's long-term issuer rating to 'A-' from 'A', while maintaining it on rating watch negative. It the rating agency's third downgrade for the bank in a year.

"The downgrade reflects the continued delay and inconclusive quantum of the anticipated equity infusion in Yes Bank," India Ratings said.

Read more about: yes bank
Story first published: Thursday, February 13, 2020, 12:16 [IST]
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