Yes Bank shares pare early gains; close about 1 pc lower on BSE

Shares of Yes Bank, which rose sharply 25 per cent during the session on Friday, later gave up all its early gains on profit-booking.

The scrip which zoomed 23.26 per cent to a high of Rs 32.85 on the BSE during the day, later erased the gains and ended at Rs 26.40, down 0.94 per cent.

At the NSE, it closed marginally higher by 0.18 per cent to close at Rs 26.65 after advancing 25 per cent to Rs 33.25 during the day.

Shares of Yes Bank had gained sharply during the morning trade after the lender approved a proposal to raise Rs 5,000 crore.

 

The board meeting held on Thursday cleared this proposal.

With this, the appointment of Prashant Kumar as MD and CEO of Yes Bank also came into effect.

This fund raising will be over and above Rs 10,000 crore cleared in February 7, 2020 board meeting.

The board at its meeting has approved subject to receipt of requisite approvals, raising of funds for an additional amount aggregating up to Rs 5,000 crore, Yes Bank said in a regulatory filing.

The fund may be raised in one or more tranches by "way of issuance of securities but not limited to through a qualified institutions placement/ public issue, rights issue, global depository receipts, American depository receipts, foreign currency convertible bonds or any other permissible mode," it said.

So, in aggregate the fund raising cannot exceed Rs 15,000 crore, it added.

The broader market also witnessed profit-booking as the BSE benchmark index closed 131.18 points lower at 29,815.59.