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YES Bank surges 7% on fundraising buzz, share sale

Yes Bank in a regulatory filing said it has sold 68,80,149 shares of Eveready Industries.

Last Updated: Feb 14, 2020, 03.53 PM IST
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Shares of YES Bank were up 7.26 per cent to Rs 39.90. The stock had gained 5.68 per cent on Thursday.
YES Bank continued its rally for the second day on Friday on fundraising buzz and jumped further 7 per cent. The investors also took positives from its sale of Eveready Industries shares.

The private lender in a regulatory filing on Thursday said it has sold 68,80,149 shares of Eveready Industries. At current prices, the transaction is valued at nearly Rs 45 crore.

Earlier, Yes Bank said the financial results for the third quarter ended December 2019 will be delayed and is expected by mid-March as the management is "deeply engaged" in fund raising exercise.

The lender said the company has received non-binding expressions of interest from companies including JC Flowers & Co. LLC; Tilden Park Capital Management LP; OHA (UK) LLP (part of Oak Hill Advisors); and Silver Point Capital.

"As you are aware, the bank is currently engaged in capital raising. In this regard, we wish to disclose that we have received non-binding expressions of interest from several prominent investors.”

Meanwhile, for the second time in two months, India Ratings (Ind-Ra) on Wednesday downgraded long-term issuer rating on certain debt instruments of Yes Bank to 'A-' from 'A' and also maintained it on the rating watch 'negative'.

The rating agency also said it reflects the continued delay and inconclusive quantum of the anticipated equity infusion in the beleaguered bank.

Shares of YES Bank closed 4.57 per cent higher at Rs 38.90.

Also Read

Reliance Industries gains over 7% on fundraising plan

YES Bank to consider fundraising plan on Thursday

YES Bank to raise Rs 5,000 crore in fresh round of fundraising

YES Bank raises fundraising size to Rs 15,000 crore

Yes Bank board to consider fundraising plan later this week

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