Yes Bank rose 12%, the board agreed to fund raising plan
Yes Bank rose 12%:
The Yes Bank shareholdings in Friday trade increased over 12 percent, following the approval of a plan to collect Rs 5,000 by way of share-selling by the Cash starved Private Sector Board on Thursday, including by eligible institutions and the issue of rights.
In early morning trade, 9.30 am, share traded with a gain of 12% up reached Rs 29.85. Whereas, at the same time, the BSE Sensex traded with a gain of 1,155 points reached 31,102 level with 3.86% up.
Through this, Prashant Kumar also officially became MD and CEO of YES Bank. In addition to Rs 10,000 crore, the fundraising cleared in the Board meeting in February 7th, 2020.
In its meeting, the Council decided to raise funds for additional sums of up to Rs 5000 crore, according to YES Bank in a Regulatory Filing, prior to receipt of requisite approvals.
It says “The fund can raise in one or more tranches by way of securities issuing, but not limited to an eligible institutional placement/ public issue, the issue of rights, global depository receipts, US depository receipts, convertible bonds in foreign currencies or other approved modes.”
The RBI had previously sacked the management of YES Bank and put it in control by a 30-day moratorium on the evening of 5 March, which was later reduced to almost two weeks.
Besides, today (March 27th) Governor Shaktikanta Das of the Reserve Bank of India (RBI) declared on Friday a decrease in repo rates of 75 basis points to counter the economic effect of highly dangerous coronavirus outbreaks.
Meanwhile, Minister of Finance Nirmala Sitharaman’s announcement of Thursday’s various welfare initiatives also supported investor feelings. She announced Rs 1.70 lakh crore to the poor to cool down the economic blows triggered by the pandemic of the 21-day lockdown.
Share of Yes Bank
The share of Yes Bank trading with the bearish trend. It trading with a loss of 0.15 points reached 26.45 INR with 0.56% down in NSE. Whereas, in BSE, it trading with a loss of 0.30 points reached 26.35 INR with 1.13% down.
Stock Market March 27th Update Sensex and Nifty
On the fifth day of the week, the stock market started trading with a bearish trend. The Sensex trading with a loss of 582.64 points reached a 29,364.13 level with 1.95% down. Whereas Nifty trading with a loss of 117.15 points reached 8,524.30 level with 1.36% down.
In the border market, S&P BSE Midcap trading with a gain of 148.41 points reached a 10,419.78 level with 1.40% up. Whereas, S&P BSE SmallCap trading with a loss of 37.21 points reached 9,433.24 level with 0.39% down.
Top gaining stocks: Axis Bank Ltd, Coal India Ltd, State Bank of India, Cipla Ltd and Power Grid Corporation of India Limited.
Losing Stocks: Indusind Bank Ltd, Hero Motocorp Ltd, HCL Technologies Ltd, Bharti Airtel Limited, Bajaj Auto Ltd and GAIL (India) Limited.