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YES Bank share price rises 6.6% on acquiring stake in Reliance Power's arm

Market depth data on BSE suggested 67% buyers bidding on the stock compared to 33% sellers offering YES Bank stock

twitter-logo BusinessToday.In        Last Updated: January 15, 2020  | 13:27 IST
YES Bank share price rises 6.6% on acquiring stake in Reliance Power's arm
The stock's market cap has fallen to Rs 8,181.91 cr during Wednesday's trade, from Rs 9,895 crore recorded on Tuesday.

YES Bank share price recovered from early losses and gained over 6% on Wednesday after the lender said it has acquired 30% shareholding in Reliance Power's subsidiary Rosa Power Supply Company through invocation of pledged shares.

YES Bank acquired 12.7 crore shares, having a nominal value of Rs 10 each per share,  representing 29.97% stake in Rosa Power Supply Company Ltd (RPSCL), a wholly owned subsidiary of Reliance Power.

In another update, YES Bank said an extraordinary general meeting of its shareholders was scheduled on February 7 to discuss fundraising for Rs 10,000 crore and to authorise an expansion in its authorised capital to Rs 1,100 crore from Rs 800 crore earlier.

Following the latest update by the lender, the share price of YES Bank recovered from 4.93% fall in early trade and climbed to the intraday high of Rs 41.4, rising 6.6% on BSE.

Market depth data on BSE suggested 67% buyers bidding on the stock compared to 33% sellers offering the stock.

Volume-wise, 110.9 lakh and 2,178.73 lakh shares were trading on BSE and NSE.

The mid cap stock has gained after 3 days of consecutive fall and traded in a wide range of Rs 3.75 during today's session. Yes Bank shares trade lower than its 5, 20, 50, 100 and 200-day moving averages

YES Bank shares have fallen 19% in a week, 20% in one month and 21% year-to-date. The stock's market cap has fallen to Rs 8,181.91 cr during Wednesday's trade, from Rs 9,895 crore recorded on Tuesday.

YES Bank stock price has been under investors' focus recently, amid fundraising concerns. Sentiments deteriorated further post the resignation of Uttam Prakash Agarwal, the independent director and chairman of YES Bank's Audit Committee on January 10.

Last week, the lender in its board meeting held on January 10 approved raising of funds of up to Rs 10,000 crore in one or more tranches through qualified institutional placement (QIP) or any other private placement of equity or debt. The private lender also said that it would not proceed with the offer made by Erwin Singh Braich/SPGP Holdings.

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