With the government approved a rescue plan, where SBI take a 49% stake in Yes Bank after the RBI placed the lender under a moratorium on 5 March. Yes Bank said , it was looking to raise up to ₹5,000 crore ($665.88 million) in an effort to shore up its capital base after a government-led rescue of the private sector lender.
The bank did not say by when it would complete the share sale. State Bank of India (SBI), which is heading the consortium formed for the revival of YES Bank, will infuse Rs 7,250 crore into the bank.
The share price of YES Bank rose up to 20% to Rs 31.95 compared to the previous close of Rs 26.55 today. YES Bank share opened with a gain of 9.94% at Rs 29.30 today.
YES Bank share has lost 88% in the last one year and fallen 32% since the beginning of this year. YES Bank market capitalisation rose to Rs 40,098 crore on BSE. Total of 13.63 lakh shares changed hands amounting to turnover of Rs 4.31 crore.
Eight banks including SBI came have come to the rescue of troubled lender with a total capital of over Rs 11,000 crore, where the ICICI Bank and mortgage lender HDFC will invest Rs 1,000 crore each. Axis Bank will invest Rs 600 crore, while Kotak Mahindra Bank will put in Rs 500 crore. Bandhan Bank and Federal Bank will invest Rs 300 crore each, while IDFC First Bank will put in Rs 250 crore.
