Earlier this month, the RBI gave its conditional approval to Yes Bank’s investment plan.(File)New Delhi: Private lender Yes Bank is now among the top 100 largest Indian companies by market capitalisation after its share price surged 30% in the past three days. The Reserve Bank of India (RBI) recently approved the bank’s plan to raise fresh capital from private equity firms Carlyle and Advent International.As of December 14, Yes Bank was ranked 94th among the largest Indian companies by market capitalisation with a market cap of $6.89 billion.Earlier this month, the RBI gave its conditional approval to the bank’s investment plan. Yes Bank, in a statement to the stock exchanges, stated that the central bank issued conditional approval to each investor “with respect to the proposed acquisition by each of them of up to 9.99% of paid up share capital of the Bank through subscription to equity shares and share warrants of the Bank”.Later, the RBI issued two letters to Yes Bank giving its nod to the bank for fund raising. “The bank shall now engage with the investors for the completion of the proposed capital raise,” the bank told stock exchanges. Soon after the announcement, the shares of Yes Bank climbed 53-week high of Rs 20.50. On December 14, the shares were trading at Rs 22.75.In September, it was learned that Yes Bank was planning to transfer Rs 480 billion worth of stressed assets to private equity firm JC Flowers. The firm had submitted an initial bid of Rs 111.83 billion for the entire loan portfolio of Rs 480 billion. The plan to transfer the assets was confirmed by the Managing Director and CEO of Yes Bank, Prashant Kumar, in November, reported Business Standard. In October, The RBI gave its approval to appoint Prashant Kumar as the new MD of the Indian lender for a period of three years. His name was recommended by the alternate board of Yes Bank in July this year. Featured Video Of The DayMarkets Surge Over 1%, Close At New Record High
Source link
Strange India 