YES Bank shares hit new all-time high after CCEA nod on FII limit hike

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New Delhi | Updated: May 26, 2016 4:45:56 PM

YES Bank shares hit their new all-time high in Thursday's trade after the Cabinet Committee on Economic Affairs on Wednesday approved YES Bank's proposal to increase foreign investment limit in the bank to 74 per cent

Yes Bank shares FII limit hikeYES Bank shares hit their new all-time high in Thursday’s trade after the Cabinet Committee on Economic Affairs on Wednesday approved YES Bank’s proposal to increase foreign investment limit in the bank to 74 per cent (Reuters)

YES Bank shares hit their new all-time high in Thursday’s trade after the Cabinet Committee on Economic Affairs on Wednesday approved YES Bank’s proposal to increase foreign investment limit in the bank to 74 per cent, entailing FDI inflows of $1 billion (Rs 6,885 crore).

The CCEA granted ex-post facto approval to the proposal of YES Bank for increase in the foreign investment limit to 74 per cent, from the existing foreign equity of 41.87 per cent.

The bank has got approval to raise the limit without any sub-limits for investment by way of issue of non-equity shares and/or other permissible instruments to eligible non-resident investors.

“The mode of instruments includes qualified institutions placement (QIP) of equity shares and/or issue of ADRs/GDRs and/or QFIs/FPIs under the Portfolio Investment Scheme (PIS) by acquisition of permissible securities on stock exchange (except NRIs),” said an official release.

The share price of YES Bank closed 2.23 per cent up at Rs 1018.45. The scrip opened at Rs 996 and hit its new all-time high of Rs 1,025.40 on Thursday.

For the quarter ended March 31, 2016, YES Bank net profit of Rs 702.11 crore, up 27.43 per cent, against Rs 550.99 crore in the corresponding quarter a year ago.

 

(With agency inputs)

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