YES BANKYes Bank also said that a meeting of the CRC is scheduled to be held on or after July 10, to consider and approve the price band and discount. Image: Reuters

Yes Bank share price gained 2 per cent to Rs 26.25 apiece on BSE after falling 5.5 per cent in early morning deals, a day after the private lender board approved the fundraising plan. In comparison, S&P BSE Sensex was trading flat. Yes Bank in an exchange filing said that its capital raising committee of the Board of Directors has approved raising funds by way of a further public offering. It said that the details of the offer will be disseminated after the closure of the formalities in accordance with the provisions of the Securities and Exchange Board of India (SEBI).

Yes Bank stock price hit a 52-week low of Rs 5.55 in March this year, after the Reserve Bank of India (RBI) placed the private lender under moratorium. Since then, the stock prices have rallied 338 per cent so far with market capitalisation at Rs 33,007.74 crore. Last year in July, Yes Bank shares were trading at 108 levels. Bank also said that a meeting of the CRC is scheduled to be held on or after July 10, to consider and approve the price band and discount, if any, as permitted under the provisions of the SEBI ICDR Regulations.

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In March this year, Yes Bank received Rs 10,000 crore bailout led by State Bank of India (SBI) and other lenders. Last month two domestic rating agencies, ICRA and Care Ratings cut Yes Bank’s upper tier-II bonds to ‘D’. According to the different disclosures made to the stock exchanges, Anil Ambani-led Reliance Infrastructure has defaulted seven times since February 1, 2020, in making payments for loans given by Yes Bank.

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