Mumbai: NSE on Tuesday said that private lender YES Bank will cease to be a part of Nifty50 index from March 27, and will be replaced by Shree Cement.
YES Bank was dropped from Sensex in December 2019.The exchange also excluded Ashok Leyland, Indiabulls Housing Finance, L-T Finance Holdings, Vodafone Idea and YES Bank from Nifty 100 index, and replaced them with Adani Transmission, IDBI Bank, Info Edge, Larsen - Toubro Infotech and Torrent Pharmaceuticals.The exchange also announced changes to a host of other indices.The exchanges index maintenance sub-committee also revised the criteria for Nifty indices, saying a company should be a part of Nifty 500 at the time of review.At present, the criteria for inclusion in Nifty indices is that a company should rank within the top 800 based on both average daily turnover and average daily full market capitalisation based on previous six months period data.Under the revised criteria, in case, the number of eligible stocks representing a particular sector within NIFTY 500 falls below 10, then deficit number of stocks shall be selected according to the existing methodology.Other key changesYES Bank had last week delayed its December quarter results to on or before March 14, as the management is deeply engaged in fundraising exercise.The private lender has received non-binding expressions of interest from investors including JC Flowers, Tilden Park Capital, OHA UK and Silver Point Capital.The bank had picked Cantor Fitzgerald, led by former Deutsche Bank global co-CEO Anshu Jain, and local investment banks IDFC Securities and Ambit Capital to raise funds that would help the lender expand its loan book.
Yes Bank plans to raise up to $2 billion to shore up its capital base.