YES Bank re-entered the elite club of top-100 most valued listed companies in terms of market capitalisation (market-cap) as the stock of private sector lender zoomed 30 per cent in the past three days after the Reserve Bank of India’s (RBI) gave nod to raise capital from funds affiliated to global private equity investors Carlyle and Advent International.
Shares of YES Bank rallied 9 per cent to hit over two-year high of Rs 23 apiece in Tuesday’s intra-day trade. Moreover, the stock traded at its highest level since July 2020.
At 12:52 pm; with market-cap of Rs 57,380 crore, YES Bank stood at 92nd position in overall market-cap ranking, the BSE data shows. Meanwhile, on banking sector ranking, YES Bank stood at 12th position.
Earlier this month, YES Bank said that the RBI issued two letters to YES Bank as final go-ahead for its proposed capital raise plan from the Carlyle Group and Verventa Holdings.
“We wish to hereby inform that the bank is now in receipt of two further letters (separate to each investor) from the RBI in relation to the proposed investment,” the bank said.
Pursuant to this, the bank will now engage with investors for completion of proposed capital raise, subject to various regulatory compliances and conditions precedent as per respective investment agreements.
That apart, ratings agency CARE Ratings upgraded the ratings assigned to the YES Bank’s instrument with a positive outlook in October.
Analysts at CARE Ratings said that the revision in ratings assigned to the debt instruments of Yes Bank (YBL) factors in the stabilisation of the bank’s operations and growth in business. It also factors he bank’s proposed sale of significant proportion of its stressed assets to an asset reconstruction company (ARC) which is expected to bring down the headline Gross NPA ratios in the near term.
“The expected capital infusion of Rs 8,898 crore by way of preferential allotment of equity shares and equity warrants; of which Rs 6,045 crore (Rs 5,093 crore as equity capital and Rs 951 crore as 25 per cent of share warrant issue) is expected to be raised in FY23 while the remaining equity capital expected to be raised within 18 months from date of allotment of warrant and improvement in asset quality parameters amidst concerns over Covid-19 related stress and improvement in the liquidity profile of the bank,” the ratings agency added.
Note:- (Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor. The content is auto-generated from a syndicated feed.))
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