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Yes Bank Shares Surge 5% On Fund Raising Plans

By Staff

Shares of Yes Bank climbed as much as 4.8 percent to Rs 47.20 on Wednesday after the private lender in a statement to the exchanges said that its board is considering fundraising plans.

Yes Bank Shares Surge 5% On Fund Raising Plans
YES Bank: Quotes, News
BSE 34.95BSE Quote0.5 (-1.43%)
NSE 34.95NSE Quote0.5 (-1.43%)

The bank said that its Board of Directors will hold a meeting on 10 January 2020 in Mumbai "to discuss and consider raising of funds by issue of equity shares / depository receipts / convertible bonds / debentures / warrants / any other equity linked securities, through permissible modes, subject to necessary shareholders/ regulatory approvals, as applicable."

The news comes after a rating downgrade by Care Ratings on Yes Bank bonds worth Rs 21,000 crore that cited the more than expected delay in raising core equity capital as the reason for the downgrade.

It said that considering the overall quantum of capital to be raised, prevailing market capitalisation levels and regulatory risks, significant clarity on equity raising is expected from the bank.

In the past, the private lender has indicated that it was in talks with multiple institutional investors to raise equity to the tune of $2 billion in the near term.

In the recent semi-annual review, Yes Bank was excluded from BSE's Sensex. Last week, AMFI classified the bank as a midcap stock.

Read more about: yes bank
Story first published: Wednesday, January 8, 2020, 11:21 [IST]
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