Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Yes Bank Shares Advance 7% as Lender Claims Receiving Offers from 'Prominent Investors'

At 11:26am, Yes Bank shares were trading at Rs 37.30, up 6%, after hitting the day’s high of Rs 37.65. The stock has last a whopping 78% in the last one year compared with a 13% rise in the benchmark Nifty 50 index.

Trending Desk

Updated:February 13, 2020, 12:57 PM IST
facebookTwitter Pocket whatsapp
Yes Bank Shares Advance 7% as Lender Claims Receiving Offers from 'Prominent Investors'
Image for representation. (Photo: Reuters)

Yes Bank Ltd shares advanced 7% in intraday trade on Thursday after the private sector lender said it has received non-binding expressions of interests (EOIs) from “several prominent investors”, including J.C. Flowers and Co. LLC, Tilden Park Capital Management LP, OHA (UK) LLP (part of Oak Hill Advisors) and Silver Point Capital.

At 11:26am, Yes Bank shares were trading at Rs 37.30, up 6%, after hitting the day’s high of Rs 37.65. The stock has last a whopping 78% in the last one year compared with a 13% rise in the benchmark Nifty 50 index.

Yes Bank also informed exchanges that earnings for the third quarter ended December (Q3) will be delayed beyond the regulatory timeframe as the lender is currently reviewing the EoIs. As per norms, a company must declare results within 45 days of the end of the quarter.

“Given that the current capital raising process has the bank’s fullest attention, it would like to inform the exchanges that it will publish its unaudited financial results for the quarter and nine-month period ending December 31, 2019, on or before March 14, 2020,” the lender said in a filing to stock exchanges.

Notably, this is the second time the bank has given a list of investors since November last year. The first list included names like Canadian industrialist Erwin Singh Braich, SPGP Holdings, Citax Holdings and Citax Investment Group. That time, Yes Bank’s MD and CEO Ravneet Gill had said that the bank had offers of $3 billion on the table.

Last month, the bank’s board rejected Braich’s $1.2 billion offer and decided to consider the offer of $500 million from Citax Holdings and Citax Investment Group.

Meanwhile, India Ratings (Ind-Ra) on Wednesday, for the second time in two months, 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 said the downgrade reflects the continued delay and inconclusive quantum of the anticipated equity infusion in the beleaguered bank.

The downgrades are on three bonds worth Rs 25,680 crore, Ind-Ra said, adding that if the bank finalised the publicly announced fund-raising plan by the end of the month, the same could be reviewed.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
IRCTC 1,830.65 11.67
UPL 584.35 -0.20
Vodafone Idea 4.19 38.28
Aurobindo Pharm 602.25 20.40
Tata Motors 158.05 -2.20
Top Gainers
Company Price Change %Gain
HUL 2,293.50 2.71
Bajaj Finance 4,877.00 2.61
Reliance 1,504.20 2.60
ONGC 101.70 2.47
HDFC 2,377.40 2.34
Top Losers
Company Price Change %Gain
Tata Motors 158.05 -2.20
Sun Pharma 403.25 -1.33
TCS 2,194.60 -0.93
Bharti Airtel 543.35 -0.80
Larsen 1,281.40 -0.38

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results