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Why YES Bank share price closed over 6% lower today

YES Bank share price closed 6.22% or 4.25 points lower at Rs 64.05 compared to the previous close of Rs 68.30 on BSE

twitter-logo BusinessToday.In        Last Updated: December 2, 2019  | 18:48 IST
Why YES Bank share price closed over 6% lower today
YES Bank share opened higher at Rs 70 on BSE but later turned negative on absence of well known names the lender had disclosed on Saturday for the purpose of fund infusion

YES Bank share price closed lower today amid  reports that the private sector lender has decided to raise up to $2 billion through preferential allotment of shares from several investors. YES Bank share price closed 6.22% or 4.25 points lower at Rs 64.05 compared to the previous close of Rs 68.30 on BSE. YES Bank share opened higher at Rs 70 on BSE but later turned negative on absence of well known names the lender had disclosed on Saturday for the purpose of fund infusion.

Erwin Singh Braich: The Canadian businessman who has committed $1.2 billion in Yes Bank

On Saturday, YES Bank said it would raise up to $2 billion through preferential allotment of shares from several investors. The rest of the shares would be taken up by private equity investors. Canadian billionaire Erwin Singh Braich/ SPGP Holdings, Discovery Capital, GMR Group and Associates, Rekha Jhunjhunwala, Aditya Birla Family Office and Ward Ferry are the names among the list of potential investors which the lender has mentioned post its board meeting on Friday.

The beaten down stock of the private lender did not respond positively to the announcement and traded in the red for major part of the day. The mid cap stock has lost 8.57% in last two days. It fell up to 7.61% in trade today. YES Bank stock has lost 62.25% during last one year and fallen 64.76% since the beginning of this year.

 The board of directors of YES Bank would meet on December 10 to finalise and approve the details of the preferential allotment as well as to get approval of the shareholders. The preferential allotment would be subject to regulatory clearance.

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