Shares of Yes Bank has continued to gain for the second consecutive session on Wednesday as well, rallying up to 28 per cent, as investor sentiment turned positive after SBI said it will buy a 49 per cent stake in the cash-strapped lender.
The scrip spiked up to 28 per cent to Rs 27.20 on the BSE. On the NSE, it jumped by similar margins to Rs 27.20. In the previous session on Monday, shares of lender settled 31.17 per cent higher at Rs 21.25. Financial markets were closed on Tuesday for festival Holi. State Bank of India (SBI) had on Saturday announced it will pick up 49 per cent stake in Yes Bank for Rs 2,450 crore.
‘Yes Bank has 255-crore shares of Rs 2 per share. State Bank of India (SBI) will be issued 245 crore shares at a price of Rs 10 per share for Rs 2,450 crore. This will be 49 per cent of the share capital of the reconstructed bank,’ the SBI said in a statement. Yes bank has struggled to raise the capital which amidst its own financial health. It sought to raise USD 2 billion initially during this fiscal, which was then pruned to USD 1.2 billion as it could not rope in any investor.
Read EquityPandit’s Nifty Outlook for the Week