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YES Bank share price gains 10% as lender takes over Rs 6,000-cr residential project on default of loan

YES Bank has set to take over an estimated Rs 6,000-crore residential project from the developer Sumer Radius Realty, over non-payment of dues worth more than Rs 479 crore

twitter-logo BusinessToday.In        Last Updated: October 22, 2019  | 13:54 IST
YES Bank share price gains 10% as lender takes over Rs 6,000-cr residential project on default of loan
YES Bank stock has risen 40.15% in the last 6 sessions

YES Bank share price gained nearly 10% intraday to Rs 56.5 on the BSE amid media reports that the bank was set to take over an estimated Rs 6,000-crore residential project from the developer Sumer Radius Realty, over non-payment of dues worth more than Rs 479 crore.

Yes Bank stock price opened with a gain of 3.11% on the BSE. The stock later rose 9.92% intraday to Rs 56.5 on BSE, against the last closing price of Rs 51.40.

YES Bank stock has risen 40.15% in the last 6 sessions. It has lost 69% since the beginning of this year.

Today, the stock has outperformed the banking sector by 6.7%. There is 51% buying against 49% selling in the stock, as per BSE market depth data on bidders and offers. Overall, 134.85 lakh and 2,139 lakh YES Bank shares were trading on the counters of BSE and NSE, respectively.

With accessing the possession of totalling 6.4 acres land in Mumbai's Santacruz locality, the lender will also control 50% Sumer's share in the joint entity. In 2016, the project was turned into a joint venture between builder Sanjay Chhabria of Radius Developer and Ramesh Shah of Sumer Group.

YES Bank had sent a demand notice in July 2019 to Sumer Group for repayment of dues with interest and other charges within 60 days period. Last Friday, the lender issued a 'possession notice' and notified the developer of its move under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. YES Bank reportedly warned public not to deal with the property.

As of 1300 IST, the share price of YES Bank traded 7.78% higher at Rs 55.40 on the BSE.

By Rupa Burman Roy

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