• Download mobile app
27 May 2020, Edition - 1779, Wednesday

Trending Now

  • Migrants account for 60% of active Covid cases in UP
  • To focus on floods now, Assam wants to close home-bound movements by June 30
  • Uttar Pradesh’s Covid-19 cases crossed the 6,500-mark, with 229 fresh cases being reported in the past 24 hours


YES Bank share price rises over 5% on shareholders’ nod to raise up to Rs 10,000 crore


YES Bank share price rose in early trade today after the private sector lender said it has received shareholders’ nod to raise capital by up to Rs 10,000 crore via issuance of equity shares or other convertible securities. Share price of YES Bank rose up to 5.16% to Rs 40.70 against the previous close of Rs 38.70 on BSE.

The mid cap stock opened 3.61% higher at 40.10. At 10:42 am, the stock was trading flat at Rs 38.60. YES Bank stock has gained over 13.45% in four sessions. The stock has lost 77.69% during last one year and fallen 17% since the beginning of this year. It has fallen 13% in last one month but gained 8.33% in one week.

Its market capitalisation on BSE stood at Rs 9,870 crore. 31.69 lakh shares of YES Bank changed hands amounting to turnover of Rs 12.50 crore on BSE. At an Extraordinary General Meeting held on February 7, the bank said it has also received approval to increase authorised share capital to Rs 1,100 crore. The current authorised share capital of the bank is Rs 800 crore.

“The resolutions related to the following business as set out in the notice of EGM were passed by the members with requisite majority: To increase authorized share capital and consequent alteration of capital clause of the Memorandum of Association (Ordinary Resolution); to authorise capital raising through issuance of equity shares or other convertible securities (Special Resolution),” YES Bank said in a regulatory filing on Friday.

As per exchange information, the bank had proposed to raise the authorised share capital to Rs 1,100 crore divided into 450 crore equity shares of Rs 2 each amounting Rs 900 crore and two crore preference shares of Rs 100 each amounting to Rs 200 crore.

The bank 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.

The bank is also set to announce its earnings for the quarter ended December in this month. The lender in December 2019 indicated financial performance in Q3 of current fiscal is likely to remain subdued but the bank sees improvement in revenue in the March quarter on the back of government measures.

“Going forward, we expect Q3 FY20 to remain subdued, however topline growth in Q4 (fourth quarter) FY20 could see some relative improvement as the economy is likely to gradually respond to measures rolled out by the government along with improved monetary policy transmission,” the bank said.

Subscribe To Our Newsletter