INSUBCONTINENT EXCLUSIVE:
saw their investments more than double in a matter of days, with the Yes Bank stock soaring amid the smouldering ruins of the broader equity
markets charred by the Covid-19 outbreak.
Yes Bank shares closed at Rs 60.80 apiece Wednesday versus Rs 25.8 last Friday.
Although these are
paper profits with a three-year lock-in, the mark-to-market gains will likely put a lid on the swirling skepticism over banks' decision to
All collateral risks are mitigated
quarter, Yes Bank posted a record loss of Rs 18,564 crore due to provisions and contingencies of Rs 24,567 crore
Finance Corporation (HDFC), ICICI Bank, IDFC First Bank and Kotak Mahindra Bank Bank have joined the SBI-led consortium and invested in Yes
Bank, once controlled by Rana Kapoor
However, the lock-in period for SBI would be for 26 per cent of its shareholding
capitalisation of the bank is nearly Rs 15,000 crore with the stock gaining momentum in the past few days
But experts said that the future valuations of the bank would depend on how quickly the new management was able to turn its fortunes
behind Yes Bank and requested depositors to not act in haste
Yes Bank to own over 48% while mortgage lender HDFC will pick up 7.97% for an infusion of Rs 1,000 crore
ICICI Bank is also infusing a similar amount, while Axis Bank will invest Rs 600 crore and Kotak Mahindra Bank will infuse Rs 500 crore.
