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Yes Bank Surges 9% On Fund Raising Plan
The private sector lender Yes Bank on fund raising plan surged in early trade on Wednesday by as much as 9.3%. The stock scaled to an intra-day high of Rs. 69 per share.
On Friday, the lender is scheduled to meet for raising funds by issuance off equity or equity linked securities via permissible routes. As per the exchange filing, the fund raising will be subject to regulatory approvals.
"Notice is hereby given that a meeting of the Board of Directors of YES Bank Limited ('the Bank') will be held on Friday, November 29, 2019 at Mumbai, inter alia, to discuss and consider raising of funds by issue of equity/ equity-linked securities through permissible modes, subject to necessary shareholders/ regulatory approvals, as applicable," the bank said in a regulatory filing.
The bank however did not provided details on the quantum of funds it is set to raise.
While, the stock was battered heavily on various concerns, it even won a tag of the most run up to stock among global peers. The gains came in on the back of reports that global investors have made an offer worth $3 billion.
Yes bank stock was last quoting at Rs. 66.65, with a surge of 5%.
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