YES Bank rises over 17% after report of Sunil Mittal, Sunil Munjal showing stake buy interest

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Published: October 17, 2019 3:17:38 PM

YES Bank share prices surged over 17 per cent a day after a report said that industrialists Sunil Mittal and Sunil Munjal have shown interest to buy a stake in the troubled private sector lender.

At the end of September quarter, Yes Bank owned 4,95,21,840 scrips or 6.56 per cent shareholding in Fortis. The scrip surged to as high as Rs 48.20 in the trading session today. The shares closed at Rs 41.05 on NSE in yesterday’s trade.

YES Bank share prices surged over 17 per cent a day after a report said that industrialists Sunil Mittal and Sunil Munjal have shown interest to buy a stake in the troubled private sector lender. Bharti Enterprises Chairman Sunil Mittal and Hero Group founder promoter Sunil Munjal may acquire up to 5 per cent stake in private capacity in YES Bank, with another five could be sold to private investors, ET Now reported on Wednesday. However, Bharti Enterprises later refuted the media report. The scrip surged to as high as Rs 48.20 in the trading session today. The shares closed at Rs 41.05 on NSE in yesterday’s trade. YES Bank shares were trading at Rs 47.70, up 6.65 per cent, or 16.20 per cent on NSE at the time of reporting.

YES Bank on Monday offloaded 6.56 per cent stake in leading hospital chain Fortis Healthcare for a little over Rs 645 crore through an open market transaction. After the sale, the lender now holds just 1,850 shares in the hospital chain, the latest shareholding data available with the BSE showed.

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According to the bulk deal data on the exchange, the lender sold 4,95,19,990 shares amounting to 6.55 per cent stake of Fortis. The shares were offloaded at an average price of Rs 130.27, valuing the transaction size at Rs 645.09 crore.

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Meanwhile, as the nation gears up for Diwali, the private-sector bank has rolled out big bonuses for existing employees which will be paid once every four months. To be given at 30:40:30, the bonus rollout is meant to retain existing talent, CNBC TV-18 reported a few days back citing unidentified sources.

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