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Yes Bank surges 0.66% to one-year high on Rabobank exit report

Yes Bank surges 0.66% to one-year high on Rabobank exit report
PTI
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First Published: Fri, Jun 04 2010. 10 38 AM IST
Updated: Fri, Jun 04 2010. 10 38 AM IST
Mumbai: Yes Bank today surged 0.66% to a year-high of Rs 297.45 on the BSE, amid a media report that its Dutch investor Rabobank International Holding is planning to sell its stake in the Indian bank.
Shares of Yes Bank have climbed nearly 7% since 1 June to touch Rs297.45 in the morning trade.
On the National Stock Exchange, the stock climbed to a high of Rs299.30, up 1.27%.
Rabobank International Holding BV held 15.9% in Yes Bank, as per March quarter shareholding pattern available on the BSE.
According to a media report, Rabobank International Holding BV plans to dilute its current stake in the private sector lender because it wants to open a branch in India.
Under Indian banking regulations, a foreign bank that holds a stake in a domestic bank cannot simultaneously operate a branch network in the country, the report added.
Rabobank currently operates in India through Rabo India Finane Ltd, a non-banking financial company, it said.
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First Published: Fri, Jun 04 2010. 10 38 AM IST