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Yes Bank Shares Surge After It Buys Stake In Reliance Power Subsidiary
Yes Bank shares after a series of fall in Wednesday's session has gained 5% after the bank invoked pledged shares to acquire 30% stake in Reliance Power's subsidiary company.
In a filing with the exchanges, the bank said it has acquired 127,321,500 equity shares or 29.97 per cent of the shares of Rosa Power Supply Company Limited, a wholly-owned subsidiary of Reliance Power Limited. As per the filing, Rosa Power Supply Company operates Rosa Thermal plant (1,200 MW) at Shahjahanpur in Uttar Pradesh.
The bank is under discussion to raise capital for which it has called an EGM in February. In its board meet on January 10, the bank has declined to consider the fund raising offer of Canada based Braich and decided on raising a total of Rs. 10000 crore in one or more tranches.
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