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YES Bank shares gain on fund raising plan

YES Bank share price gained over 1 per cent in opening trade after the private lender said that its shareholders have approved a proposal for raising capital worth Rs 10,000 crore with the requisite majority

twitter-logoBusinessToday.In | March 3, 2021 | Updated 09:55 IST
YES Bank shares gain on fund raising plan
YES Bank share price opened higher at Rs 16.45 against previous closing price of Rs 16.30 on the BSE

Shares of YES Bank rose over 1 per cent in opening deals on Wednesday after the private lender said that its shareholders have approved a proposal for raising capital worth Rs 10,000 crore with the requisite majority. The bank said that as many as 98.78 per cent votes in favour of the resolution to authorise the bank to raise capital through issuance of equity shares or other securities.

On Wednesday, YES Bank share price opened higher at Rs 16.45 against previous closing price of Rs 16.30 on the BSE. The stock gained as much as 1.53 per cent in opening trade to Rs 16.55 as investors were buoyed by fund raising plan. Meanwhile, the BSE benchmark Sensex was trading at 50595.76, up by 298.87 points or by 0.59 per cent.

"We would like to inform that the special resolution has been approved by the members with requisite majority," YES Bank said in a regulatory filing.

The bank intends to raise the capital through various modes including a Qualified Institutions Placement (QIP), from international markets through ADRs/GDRs; foreign currency convertible bonds or any other securities which are convertible into exchangeable with equity shares, in Indian rupee or foreign currency or a public issue.

On January 22, while announcing December quarter results, the lender had informed about Rs 10,000 crore fund raise plan through various modes.

In its notice for the postal ballot on the capital raise plan, the bank said that it wants to further strengthen the common equity tier 1 (CET 1 or core capital) ratio and to ensure that it has enough capital to support growth and maintain adequate buffers to deal with any unforeseen impact. And it had proposed to raise equity capital not exceeding Rs 10,000 crore.

Also read: Share Market Live Update: Sensex opens 450 points higher, Nifty reclaims 15k; IRCON drops 6%

Also read: Stocks in news: RIL, Airtel, Vi, YES Bank, Ircon International, Ruchi Soya, Ion Exchange

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