Yes Bank share price rises after shareholders approve fund raising


Private lender Yes Bank share price rose in the early trade on March 3 after its shareholders approved a proposal to raise Rs 10,000 crore capital with the requisite majority.

As many as 98.78 percent votes among shareholders were cast in favour of the resolution to authorise the bank to raise capital through issuance of equity shares or other securities, Yes Bank said in a regulatory filing.

On January 22, while declaring its financial results for quarter ended December 31, 2020, Yes Bank had informed about Rs 10,000 crore fund raise plan through various modes.

In its notice for the postal ballot on the capital raise plan, the bank said that it wants to further strengthen the common equity tier 1 (CET 1 or core capital) ratio and to ensure that it has enough capital to support growth and maintain adequate buffers to deal with any unforeseen impact. And it had proposed to raise equity capital not exceeding Rs 10,000 crore.

The bank intends to raise the capital through various modes, including a Qualified Institutions Placement (QIP), from international markets through ADRs/GDRs; foreign currency convertible bonds or any other securities which are convertible into exchangeable with equity shares, in Indian rupee or foreign currency or a public issue.

At 09:17 hrs, Yes Bank was quoting at Rs 16.45, up Rs 0.15, or 0.92 percent on the BSE.

The share touched its 52-week high of Rs 87.95 and 52-week low of Rs 5.55 on March 18, 2020 and March 6, 2020, respectively.

Currently, it is trading 81.3 percent below its 52-week high and 196.4 percent above its 52-week low.
With inputs from PTI

News Source:- Moneycontrol

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