Yes Bank Shares Rally 39%; Bank Receives Offer From Global Investor

Shares in Yes Bank surged as much as 38.6 per cent to 78.70 on BSE, as the bank said that it has received a binding offer from a global investor for $1.2 billion for fresh issuance of shares.

"The Bank would like to inform that it has now received a binding offer from a global investor for an investment of US$ 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," the bank said in a release.

It also said that it was in talks with other global investors. Yes Bank shares have more than doubled in October.

Fundraising had been a major overhang for the bank. Investors would also watch results of the company for the quarter ending Sept 30, 2019, which are due later on November 1.