YES Bank shares in news today amid fundraising plans

Shares of YES Bank are in news today after the lender said it would be raising funds through debt. The Board of Directors of YES Bank approved the borrowing/raising of funds by issue of debt securities. YES Bank stock closed flat at Rs 24.02 on Tuesday against the previous close of Rs 23.95 on BSE. Market cap of the bank stood at Rs 75,268 crore. Total 144.67 lakh shares of the bank changed hands amounting to a turnover of Rs 34.93 crore on BSE. Market cap of the bank rose to Rs 75,268 crore.

YES Bank stock has gained 50.31 per cent in a year and risen 6.10 per cent in 2024. YES Bank has a one-year beta of 1.3, indicating high volatility during the period.

In terms of technicals, the relative strength index (RSI) of the YES Bank stock stands at 56, signaling the stock is trading in neither in the overbought nor in the oversold zone. YES Bank shares stand higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.

The lender plans to raise funds in Indian and foreign currency through the issue of debt securities. “The options could be non-convertible debentures (NCDs), bonds or Medium Term Note (MTN) among others,” the bank said.

On June 20, YES Bank said its Board of Directors would meet on June 25, 2024, in Mumbai to consider and approve a resolution enabling the bank to borrow or raise funds through the issuance of debt securities.

The bank plans to include a special resolution for this potential fundraising in its forthcoming Annual General Meeting (AGM) notice. The move is aligned with the provisions of the Companies Act 2013 and the associated rules.