Home >Markets >Stock Markets >Yes Bank shares gain 5% as board approves FPO plan

MUMBAI: Shares of Yes Bank gained as much as 5.24% on Wednesday as the lender said it would raise funds through a follow-on public offering (FPO).

At 11:15 am, Yes Bank was trading at 26.45 up 2.72% from its previous close, while the benchmark index, Sensex gained 0.07% to 36701.41.

Yes Bank Ltd has filed the offer document for its proposed FPO with the registrar of companies, and is expected to launch the public offering soon, two people aware of the development told Mint.

Mint first reported on 8 June that Yes Bank planned to raise around Rs,10,000 crore through an FPO.

On Tuesday, Yes Bank informed the stock exchanges that the capital raising committee of the board of directors of the bank had approved raising funds by way of a further public offering.

It added that the committee would meet on or after July 10 to consider and approve the price band and discount as permitted under the Securities and Exchange Board of India (SEBI) regulations.

The bank reported a net profit of 2628.61 crore in the March quarter as against a net loss of 1506.64 crore a year ago. Total income rose 44.4% YoY to 12,115.53 crore during the quarter.

From the beginning of the year, Yes Bank shares lost 44% against a drop of 11% in the Sensex. From March lows, shares of Yes Bank quadrupled, while Sensex was down 1%.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout