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YES Bank share price climbs 3% as board to consider fundraising on Friday

The stock price of private sector lender has risen 8.75% in last two sessions

twitter-logo BusinessToday.In        Last Updated: November 28, 2019  | 11:30 IST
YES Bank share price climbs 3% as board to consider fundraising on Friday
YES Bank share trades higher than 5, 20 and 50-day moving averages but lower than its 100 and 200-day moving averages

Shares of YES Bank rose 3.5% in Thursday's early trade, a day ahead of its board meet to consider fundraising through the issue of fresh equity.

"A meeting of the board of directors of YES Bank will be held on Friday, November 29, 2019, to discuss and consider raising of funds by issue of equity/ equity-linked securities through permissible modes", YES Bank said in a regulatory filing.  The fundraising is subject to necessary shareholders/ regulatory approvals, as applicable, it added.

YES Bank stock price rose 3.5% to the day's high of Rs 70.65 and traded as the top gainer on Nifty today. Thursday's market depth data suggest 39% buying against 61% selling on the stock. Nearly 68 lakh and 927 lakh shares changed hands on BSE and NSE, respectively.

YES Bank share trades higher than 5, 20 and 50-day moving averages but lower than its 100 and 200-day moving averages.

The stock price of private sector lender has risen 8.75% in last two sessions.

On Wednesday, YES Bank share price closed 7.65% higher at Rs 68.25 on Sensex and ended 8.31% higher at Rs 68.40 on Nifty. The stock was top gainer on both indices yesterday.

However, the stock has fallen 61% year-to-date, the share price has risen 7.15% in 3 months and 25% in a month's period.

Earlier in October 2019, the lender had said it received a binding offer from a global investor for an investment of $1.2 billion in the bank through fresh issuance of equity shares. The bank has already raised Rs 1,930 crore million through Qualified Institutional Placement (QIP) in August 2019.

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