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1-min read

Yes Bank Shares Climb Over 3% After Funding Announcement

Ending weeks of suspense, Yes Bank on Friday said eight investors led by Erwin Singh Braich have evinced interest to pump $2 billion into the lender.

PTI

Updated:December 2, 2019, 1:29 PM IST
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Yes Bank Shares Climb Over 3% After Funding Announcement
Image for representation. (Photo: Reuters)

New Delhi: Shares of Yes Bank on Monday climbed over 3 per cent after the company said eight investors have evinced interest to pump $2 billion into the capital-starved private sector lender.

The scrip jumped 3.22 per cent to Rs 70.50 on the BSE. At the NSE, it gained 1.46 per cent to Rs 69.30.

However, later it gave up all its early gains and was quoting 2.34 per cent lower at Rs 66.70 at 1140 hrs on the BSE.

Ending weeks of suspense, Yes Bank on Friday said eight investors led by Erwin Singh Braich have evinced interest to pump $2 billion into the lender.

The board of directors of the bank will reconvene on December 10 to finalise and approve details of capital infusion, which will take place through preferential allotment, it informed the exchanges.

The investors who have shown interest also include Aditya Birla Family Office and Rekha Jhunjhunwala, wife of market investor Rakesh Jhunjhunwala, who have committed $25 million each, the bank said.

The largest investor is Braich/SPGP Holding which has committed $1.2 billion, followed by Citax Holding which has committed $500 million, the bank said, adding that discussions with Braich/SPGP are going on and expected to be concluded shortly.

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