Yes Bank shares gain over 8% on fresh investment buzz

The logo of Yes Bank is pictured on the facade of its headquarters in Mumbai. (Photo by Reuters)

Shares of Yes Bank rallied over 8 per cent on Monday on prospects of fresh investments in the company.

Shares of the private sector lender settled 8.19 per cent higher at Rs 45.60 on the BSE. Intra-day, the stock gained as much as 10.79 per cent at Rs 46.70.

On the NSE, the stock closed 7.59 per cent up at Rs 45.35. During the day, the scrip gained 11.03 per cent at Rs 46.80.

The market capitalization of the lender increased by over Rs 1,860.7 crore to Rs 11,629.51 crore.

According to media reports, Yes Bank was in talks with technology companies and PE investors for strategic investment.

A media report claimed that the bank was in talks with Microsoft Corp and two other tech companies to rope them in as strategic investors as part of its efforts to raise capital.

Stock exchanges also sought clarification from Yes Bank over the reports.

Replying to the clarification, Yes Bank said it is "not aware of the source, which resulted in the above-mentioned news item and as a matter of policy, the Bank would not like to comment on such article."

"The Bank in the usual and ordinary course of its business continues to explore various means of raising capital/ funds through issuance of securities to diverse set of investors, in order to meet its business, regulatory requirements, subject to compliance with prescribed procedures and receipt of statutory or regulatory approvals'" the bank said in its reply.

Yes Bank chief executive Ravneet Gill last week had told PTI that the private bank was in an advanced stage of capital raising from investors, including global tech majors, to grow the balance-sheet that has been consciously shrunk in recent months.

Gill had said the new investor/s will be either a strategic partner like a tech company or a financial investor or a deep-pocketed family office.

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