YES Bank share price rises 30% after SBI says to infuse Rs 2,450 crore in private lender

YES Bank share price rose in early trade today after SBI announced it would infuse funds into the private sector lender. Share price of YES Bank gained up to 30.86% to Rs 21.20 compared to the previous close of Rs 16.20 on BSE. YES Bank stock opened with a gain of 5% today at Rs 17.

It has declined 92% in last one year and fallen 60% since the beginning of this year. On Saturday, State Bank of India (SBI) said it will be issued 245 crore shares at Rs 10 each for Rs 2,450 crore in YES Bank. These shares will translate into a 49 per cent stake into the reconstructed bank.

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SBI shall not reduce its holding below 26 per cent before completion of three years from the date of infusion of the capital, the public sector lender said.

Meanwhile, SBI share price fell 5.69% to Rs 255 compared to  the previous close of Rs 270.30 amid Sensex and Nifty crumbling over 3% each as number of coronavirus cases in India and abroad.

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By Aseem Thapliyal