Industry

Yes Bank shares climb over 3% after funding announcement

Photo for representational purposes only

Photo for representational purposes only   | Photo Credit: Reuters

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The company said eight investors have evinced interest to pump USD 2 billion into the capital-starved private sector lender

Shares of Yes Bank on Monday climbed over 3% after the company said eight investors have evinced interest to pump USD 2 billion into the capital-starved private sector lender.

The scrip jumped 3.22% to Rs 70.50 on the BSE. At the NSE, it gained 1.46% to ₹69.30.

However, later it gave up all its early gains and was quoting 2.34% lower at ₹66.70 at 1140 hrs on the BSE.

Ending weeks of suspense, Yes Bank on Friday said eight investors led by Erwin Singh Braich have evinced interest to pump USD 2 billion into the lender.

The board of directors of the bank will reconvene on December 10 to finalise and approve details of capital infusion, which will take place through preferential allotment, it informed the exchanges.

The investors who have shown interest also include Aditya Birla Family Office and Rekha Jhunjhunwala, wife of market investor Rakesh Jhunjhunwala, who have committed USD 25 million each, the bank said.

The largest investor is Braich/SPGP Holding which has committed USD 1.2 billion, followed by Citax Holding which has committed USD 500 million, the bank said, adding that discussions with Braich/SPGP are going on and expected to be concluded shortly.

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Printable version | Dec 10, 2019 4:34:52 AM | https://www.thehindu.com/business/Industry/yes-bank-shares-climb-over-3-after-funding-announcement/article30135706.ece

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