Shares of private sector lender Yes Bank gained on Wednesday morning, after the firm said that its board will meet on Friday to consider and approve fund raising.
Shares of private sector lender Yes Bank gained on Wednesday morning, after the firm said that its board will meet on Friday to consider and approve fund raising. Yes Bank share price gained more than 8.5% to hit the day’s high at Rs 68.85 on BSE. In a statement to the exchanges, Yes Bank said that its board will meet on Friday to consider and approve raising funds by issue of equity or equity linked securities. However, the bank has not mentioned the intended figure that it looks to raise.
Track live stock price: Yes Bank
Earlier this month, Yes Bank CEO Ravneet Gill told reporters that the private sector lender is aiming to finish a $1.2 billion equity raising exercise by December and willing to give new investors a board seat. “We have to inform the North American family office by the end of November. We will raise $ 1.2 billion by the end of December and it may be either from them or a combination of investors,” Gill had said. Notably, the trading window for dealing in securities of the bank shall remain closed for the designated persons and for the connected persons commencing from November 27, 2019, and expiring on December 1, 2019, and hence, they are not permitted to trade in the securities of the bank till December 1, 2019, Yes Bank added in its statement.
Meanwhile, the firm offloaded shares of Reliance Capital for the third consecutive session on November 26. Notably, Yes Bank sold 17,22,587 shares of Reliance Capital at Rs 16.51 per share through a bulk deal, data on NSE showed on November 26. With this, the bank has sold about Rs 8 crore worth of stock of Reliance Capital.