Stocks

Yes Bank shares zoom over 32 per cent

PTI New Delhi | Updated on March 09, 2020 Published on March 09, 2020

Shares of Yes Bank on Monday zoomed over 32 per cent after State Bank of India (SBI) said it will pick up 49 per cent stake in the cash-strapped lender for Rs 2,450 crore.

The scrip witnessed a sharp rise, spiking 40.7 per cent to Rs 22.80 on the BSE during the day. It closed 31.17 per cent higher at Rs 21.25.

On the NSE, it jumped 41.17 per cent to Rs 22.80 during the trading hours.

It settled 32.20 per cent up at Rs 21.35.

In terms of volume, over 72 crore shares were traded on the NSE while BSE saw an exchange of more than 6.9 crore units.

The spurt in volume was more than 3.22 times during the day on the BSE.

SBI on Saturday announced it will pick up 49 per cent stake in Yes Bank for Rs 2,450 crore and clarified that all the deposits and liabilities of the reconstructed bank will continue in the “same manner“.

“Yes Bank has 255-crore shares of Rs 2 per share. SBI will be issued 245 crore shares at a price of Rs 10 per share for Rs 2,450 crore. This will be 49 per cent of the share capital of the reconstructed bank,” SBI said in a statement.

SBI Chairman Rajnish Kumar had earlier said it had set a maximum investment limit of Rs 10,000 crore for Yes Bank reconstruction process.

SBI shares were trading over 4 per cent lower at Rs 258.50 apiece on the BSE.

Yes Bank has been struggling to raise capital amid 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.

Yes Bank shares had plunged 56 per cent in the last trading session.

Published on March 09, 2020

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