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Shares of Yes Bank on Friday rose nearly 10 per cent after State Bank of India (SBI) said it will infuse ₹7,250 crore into the crippled private sector lender. The scrip witnessed a sharp rise, spiking 9.98 per cent to ₹27.55 on the BSE. On the NSE, it jumped 10.57 per cent to ₹27.70.
The largest lender State Bank of India on Thursday announced a ₹7,250-crore fund infusion into the crippled Yes Bank under which it will pick up to 49 per cent equity in the fourth largest private sector lender. The SBI investment of ₹7,250 crore is much higher than ₹2,450 crore it had planned initially for 49 per cent stake in the private sector lender that began operations in 2004.
Yes Bank has been struggling to raise capital amidst its dwindling financial health. It sought to raise USD 2 billion initially during this fiscal, which was then pruned to USD 1.2 billion as it could not rope in any investor.
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