INSUBCONTINENT EXCLUSIVE:
YES Bank continued its rally for the second day on Friday on fundraising buzz and jumped further 7 per cent
The investors also took positives from it sale of Eveready Industries shares.
The private lender in a regulatory filing on Thursday said it
has sold 68,80,149 shares of Eveready Industries
At current prices, the transaction is valued at nearly Rs 45 crore
Earlier, Yes Bank said the financial results for the third quarter ended December 2019 will be delayed and is expected by mid-March as the
management is "deeply engaged" in fund raising exercise.
The lender said the company has received non-binding expressions of interest from
companies including JC Flowers - Co
LLC; Tilden Park Capital Management LP; OHA (UK) LLP (part of Oak Hill Advisors); and Silver Point Capital.
"As you are aware, the bank is
currently engaged in capital raising
for the second time in two months, India Ratings (Ind-Ra) on Wednesday downgraded long-term issuer rating on certain debt instruments of Yes
Bank to 'A-' from 'A' and also maintained it on the rating watch 'negative'.
The rating agency also said it reflects the continued delay and
inconclusive quantum of the anticipated equity infusion in the beleaguered bank.
Shares of YES Bank were up 7.26 per cent to Rs 39.90
The stock had gained 5.68 per cent on Thursday