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Yes Bank shares jump

On the BSE, the scrip ended with gains of 7.58 per cent
The action in the counter came after Bloomberg reported that the bank had picked Cantor Fitzgerald LP, IDFC Securities and Ambit to raise the funds

Our Special Correspondent   |   Mumbai   |   Published 05.02.20, 07:11 PM

Shares of Yes Bank zoomed on the bourses on Wednesday on reports that the private sector lender has selected investment bankers to raise up to $2 billion.

On the BSE, the scrip ended with gains of 7.58 per cent, or Rs 2.65, at Rs 37.60. During intra-day trades, the counter had hit a high of Rs 39.75 — a rise of almost 14 per cent over the previous close. More than 1.65 crore shares of the lender were traded on the bourse.

The action in the counter came after Bloomberg reported that the bank had picked Cantor Fitzgerald LP, IDFC Securities and Ambit to raise the funds.

Cantor Fitzgerald is led by Anshu Jain, the former co-chief executive officer of Deutsche Bank AG. Yes Bank’s current MD and CEO Ravneet Gill had headed Deutsche Bank’s Indian operations earlier.

Yes Bank is set to hold an extraordinary general meeting on February 7 to seek shareholders’ approval to raise up to Rs 10,000 crore.

In its EGM notice, the lender had said the infusion of funds was expected to meet the requirements of its growing business.

The capital will also provide a buffer to absorb higher provisioning requirements during asset quality checks.

The bank may raise capital through the issue of equity shares, qualified institutional placement, ADRs/GDRs or foreign currency convertible bonds.

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