Yes Bank Ltd shares rallied nearly 20% in intraday trade on Wednesday amid speculations that there may be a change in the bank’s shareholding as various stake sales report circulated in the media.
At 11:40 am, shares of Yes Bank were trading at Rs 72.25, up 14.5%, after hitting an intra-day high of Rs 75.45. Notably, the stock has corrected nearly 80% in the last one year.
On Monday, when stocks markets were closed for trading, news portal Moneycontrol reported that Yes Bank founder Rana Kapoor has initiated talks with Paytm to sell his entire stake in the bank for up to Rs 2,000 crore. Kapoor, with his family members, and the investment firms they control own a 9.64% stake in Yes Bank.
The report said that Rana Kapoor reached out to Vijay Shekhar Sharma, founder and CEO of digital payments platform Paytm, in August and offered to sell his stake in Yes Bank, as well as that of his family members, for Rs 1,800-2,000 crore.
Separately, news agency Reuters reported that Yes Bank CEO Ravneet Gill has said that the bank is close to selling a minority stake to a global tech company as part of its capital-raising exercise. The bank, however, subsequently denied the report.
A statement issued by Yes Bank to stock exchanges said: “The Bank in its usual and ordinary course of business continues to explore various means of raising capital/funds through issuance of securities to diverse set of investors, in order to meet its business/regulatory requirements, subject to compliance with prescribed procedures and receipt of statutes/regulatory approvals.”
Yes Bank had raised Rs 1,980 crore last month through a qualified institutional placement (QIP) offering to improve its common equity tier-1 ratio. The bank is also in the process of restructuring its loan book, which could release further capital.
Comments
0 comment