Yes Bank shares zoom 25% after private lender's board approves fund raising plan
Shares of Yes Bank on Friday gained sharply by 25 percent after the board of directors of the lender approved a proposal to raise Rs 5,000 crore
New Delhi: Shares of Yes Bank on Friday gained sharply by 25 percent after the board of directors of the lender approved a proposal to raise Rs 5,000 crore.
The scrip zoomed 23.26 percent to a high of Rs 32.85 on the BSE.
At the NSE, it advanced 25 percent to Rs 33.25.
The board meeting held on Thursday cleared this proposal.
With this, the new board also came to force with Prashant Kumar formally becoming the MD and CEO of Yes Bank.
This fund raising will be over and above the Rs 10,000 crore cleared in 7 February, 2020 board meeting.
The board at its meeting has approved subject to receipt of requisite approvals, raising of funds for an additional amount aggregating up to Rs 5,000 crore, Yes Bank said in a regulatory filing.
The fund may be raised in one or more tranches by "way of issuance of securities but not limited to through a qualified institutions placement/ public issue, rights issue, global depository receipts, American depository receipts, foreign currency convertible bonds or any other permissible mode," it said.
So, in aggregate the fund raising cannot exceed Rs 15,000 crore, it added.
The rate of price rise in the food basket accelerated to 4.94 percent in March from 3.87 percent in the preceding month, as per data released by the NSO
The allotment has been done on merit-cum-preference basis as per the guidelines of the Government of India
The popular National Electronic Funds Transfer or NEFT for fund transfers of up to Rs 2 lakh will continue to be operational as usual during this period