Yes Bank shares saw a jump of 50 percent. Yes Bank shares were up 48.84 percent at Rs. 87.30 at NSE. Thus, the stock has risen 251 percent in four days. The rating was upgraded, after which its shares saw a jump of 59 per cent.
New Delhi. Yes Bank shares rose for the fourth consecutive trading session on Wednesday. SBI said it was keen to acquire up to 49 per cent stake in the bank, after which its shares saw a 50 per cent jump.
Yes Bank shares rose 49.95 percent to Rs 87.95 during early trading.
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Yes Bank shares were up 48.84 per cent at Rs 87.30 on the NSE. Thus, the stock has risen 251 percent in four days.
Earlier, Moody’s had upgraded Yes Bank’s rating on Tuesday, after which its shares saw a jump of 59 per cent. Since the announcement of the bank’s restructuring plan, its shares have been steadily rising.
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State Bank of India President Rajnish Kumar said on Tuesday that SBI’s stake in Yes Bank is around 43 percent and now his bank will not sell a single share of Yes Bank before the three-year lock-in period. He said he would talk to the board to increase the stake in Yes Bank to 49 per cent.
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SBI was initially required to invest up to 49 per cent stake in Yes Bank’s equity capital by investing Rs 7,250 crore, but as soon as seven other lenders arrived, SBI could only buy 43 per cent or 60.50 crore shares. In this way he invested Rs 6,050 crore.
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Rajneesh Kumar said, “Since the response from investors was very encouraging, we took only such a part in the first round of capital raising.” He said, “In fact, I am keen on taking permission from my board to raise the stake to the maximum permissible level of 49 per cent and it is my commitment that SBI will not sell a single share before the three-year lock-in.”