YES Bank slumped over 5 per cent in the afternoon trade on Thursday, a day after it launched a qualified institutional placement (QIP) issue to raise $1 billion, a step planned to aid the private sector lender expand while boosting its capital base. Rana Kapoor, CEO at Yes Bank said that the QIP is now opened all over the world as it is expected that investors from across the world would participate. He further added that they are targeting $1 billion in line with the enabling resolution from their shareholders. This accounts for growth capital for the bank, which is growing at 30%, and will be ensured that their growth continues at that pace.
In other news, Yes Bank share price traded at Rs. 1376.90 beating its previous one-year high on1st Sept ‘16. On 2nd, it repeated the feat by trading at Rs.1393.80. On 6th Sept, Yes Bank share price went as high as 1449, breaking its previous day’s record high. On 7th September 2016, the stock traded at a new high of Rs.1450. Currently, Yes Bank share price was trading below 5% at Rs. 1345.05.
Shareholders of Yes Bank had sanctioned equity fundraising amounting to $1 billion at the bank's annual general meeting held on June 6. The bank had raised $500 million in the same manner by a similar QIP issue in June 2014. The bank had raised $500 million through a similar QIP issue in June 2014.
Yes Bank is recommended by Dynamic Levels as the top 500 performing stocks for this quarter. Yes Bank share price opened at Rs. 1387.15 against its previous closing at Rs. 1401.55. The stock touched the day’s high and low at Rs. 1390 and Rs. 1330.70.
For further details, refer to Yes Bank share price forecast.
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