Yes Bank Shares In Focus Ahead Of Board Meeting To Discuss Fund Raise, Clarify Speculation
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Yes Bank was the third-best performer on the Nifty 500 index on Tuesday, rallying over 8%; What investors should know
Yes Bank Share Price: Shares of Yes Bank Ltd., a Mumbai-based private lender, will be in the spotlight again on Tuesday, ahead of its board meeting to consider a fundraising proposal.
Yes Bank was the third-best performer on the Nifty 500 index on Tuesday, rallying over 8% following media reports that Sumitomo Mitsui Banking Corporation (SMBC) is seeking approval from the Reserve Bank of India (RBI) to operate a wholly-owned subsidiary. The move was interpreted as a step toward acquiring a controlling stake in Yes Bank.
However, Yes Bank quickly issued a clarification in the early hours of Tuesday, stating it was not aware of any such discussions. 'Further references to the bank having 'road map' discussions with the RBI are factually incorrect," the lender added.
The board of Yes Bank is also scheduled to consider fundraising proposals, including the issuance of equity shares, debt securities, or any other instruments through permissible means such as private placement or preferential issue.
Just last month, Sumitomo had announced plans to acquire a 20% stake in Yes Bank from a consortium of lenders led by the State Bank of India (SBI). This group had rescued Yes Bank in 2020 from a severe liquidity crisis. The deal values Yes Bank at slightly above $8 billion.
Shares of Yes Bank ended 8% higher on Monday at Rs 23.22, with the stock surging nearly 30% in the past month.
Yes Bank is a private sector bank in India that was founded in 2004 by Rana Kapoor and Ashok Kapur. It is headquartered in Mumbai and offers a wide range of banking and financial services, including corporate and retail banking, asset management, and wealth management.
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