The stock was the biggest laggard on both the equity benchmark indices
The bank got approval to raise its authorised share capital to ₹1,100 crore from ₹800 crore
New Delhi: Yes Bank shares nosedived almost 14% on Monday even after the Reserve Bank of India (RBI) gave its nod to raise capital. At 12:30 pm, shares of Yes Bank were trading at ₹42 down 13.93% on BSE. The stock had touched its 52-week low at ₹41.50 on Monday morning. On NSE, the stock was down 13.85%.
The stock was the biggest laggard on both the equity benchmark indices.
The stock opened at ₹48.40, touched a high and low of ₹49.10 and ₹42.50, respectively. The stock lost 21% in the last four days.
"Further to our communication dated September 25, 2019 on the captioned subject, the Bank is pleased to inform you that it has received acknowledgment from the Reserve Bank of India to go ahead with the proposed increase in its authorized share capital. The Bank shall now seek necessary shareholders' consent and proceed expeditiously with its capital raise," Yes Bank said in a regulatory filing.
The bank got approval to raise its authorised share capital to ₹1,100 crore from ₹800 crore.
Meanwhile, Yes Bank co-founder Rana Kapoor’s family business Yes Capital (India) Pvt. Ltd sold a 1.82% promoter group stake for ₹241.52 crore last week. The identity of the buyer is not known.
In an exchange filing on 21 September, the total holding of Kapoor and his two family-owned entities—Yes Capital and Morgan Credits Pvt. Ltd (MCPL)—came down from 9.64% to 6.89% after MCPL and another Kapoor-group promoter entity sold a combined stake of 2.75% to an undisclosed buyer.