Yes Bank says it continues to explore capital raising means

By: |
Published: October 7, 2019 6:58:31 PM

In a recent development, the bank's senior group president and former chief financial officer Rajat Monga, once touted as the man Friday of former CEO Rana Kapoor, called it quits

Earlier in August, the bank had raised Rs 1,930.46 crore through qualified institutional placement (QIP) to fund its business expansion. Shares of Yes Bank rallied over 8 per cent on Monday on prospects of fresh investments in the company.

Yes Bank on Monday said it continues to explore various means of raising capital to meet its business requirement. The lender’s response came to a clarification sought by exchanges on reports that the bank was in talks with Microsoft Corp and two other tech companies to rope them in as strategic investors as part of its efforts to raise capital. “The bank in the usual and ordinary course of its business continues to explore various means of raising capital/funds through issuance of securities to diverse set of investors, in order to meet its business/regulatory requirements,” Yes Bank said in a regulatory filing. “The bank is not aware of the source, which resulted in the news item and as a matter of policy, the bank would not like to comment on such article,” it added.

The troubled private sector lender last week said it was looking for capital either from a private equity investor or a strategic investor or family office. In a recent development, the bank’s senior group president and former chief financial officer Rajat Monga, once touted as the man Friday of former CEO Rana Kapoor, called it quits.

The announcement was made by Chief Executive Officer Ravneet Gill on October 3 during a conference call with investors and analysts following a heavy plunge in the bank’s share price over the past few sessions. Earlier in August, the bank had raised Rs 1,930.46 crore through qualified institutional placement (QIP) to fund its business expansion. Shares of Yes Bank rallied over 8 per cent on Monday on prospects of fresh investments in the company.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Yes Bank share price jumps after reports of marquee investors eyeing stake
2Rupee slips 21 paise to 71.09 vs US Dollar in early trade
3Share market highlights: Sensex ends 141 points down, Nifty near 11,100; Yes Bank, Axis Bank top gainers