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Yes Bank Shares Surge Over 20% On Fund Raising Plans
Shares of Yes Bank jumped more than 20 percent on Friday to an intraday high of Rs 33.25 on NSE. The surge comes after the bank said on Thursday that its board approved the proposal to raise up to Rs 5,000 crore additional funds over and above the Rs 10,000 crore approval already in place, aggregating the total to Rs 15,000 crore.
The bank in its filing said that the funds will be raised by way of issuance of securities but not limited to through a qualified institutions placement/ public issue, rights issue, global depository receipts, American depository receipts, foreign currency convertible bonds or any other permissible mode.
The bank recently returned to normalcy after the resolution plan drafted by the Reserve Bank of India (RBI) was approved by the government. As part of the plan, the State Bank of India along with seven other major Indian banks injected Rs 10,000 crore into the bank to rescue it from its widespread crisis.
