Yes Bank Stocks Went Sky High After USD 1.2 Billion Funding News

Shares of Yes Bank on Thursday rallied over 24 per cent after the lender said it has received a binding offer for USD 1.2 billion (about Rs 8,500 crore) funding from an overseas investor.

Shares of the private sector lender closed at Rs 70.45 apiece, up 24.03 per cent. Intra-day, the shares zoomed 34.94 per cent to Rs 76.65 apiece on the BSE.

On the National Stock Exchange (NSE), the scrip settled 23.77 per cent up at Rs 70.30. During the day, the stock soared 38.55 per cent to Rs 78.70. “Yes Bank is badly in need of capital for growth. Absence of positive news on this front led to bear hammering in the stock taking the stock below Rs 30. It is natural that investors are finding it attractive to invest in the stock for a stake. Further developments will depend on who the investor is and the regulatory approvals,” VK Vijaykumar, chief investment strategist, Geojit Financial Services, said.

The bank’s market capitalisation increased by over Rs 3,500 cr to Rs 17,967.09 crore.