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    Here's why Yes Bank shares surged over 5% today

    Here's why Yes Bank shares surged over 5% today

    Here's why Yes Bank shares surged over 5% today
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    By CNBC-TV18  IST (Published)

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    Yes Bank shares quoted at Rs 97.15 on BSE at 11.25 am, up 3.19 percent.

    Yes Bank shares rose over 5 percent on Monday following reports that a group of investors are looking to pick up a 49 percent stake in GVK Airport Holdings Ltd.
    Yes Bank shares touched an intra-day high of Rs 99.30, rising nearly 5.5 percent intraday.  Year-to-date, the stock has corrected by 46.5 percent against a gain of 7.65 percent in the Sensex.
    The Economic Times reported that Canada's Public Sector Pension Investment Board (PSP Investments) along with the Abu Dhabi Investment Authority (ADIA) and National Investment and Infrastructure Fund (NIIF) plan to buy 49 percent of GVK Airport for around Rs 6,000 crore.
    Yes Bank is one of the lenders to GVK Airport, which operates Mumbai's international airport.  The Reddy family's entire MIAL shareholding is pledged with these banks in lieu of promoter loans they had undertaken, according to the ET report.
    GVK Airport Holdings will use the proceeds from the stake sale to reduce its debt and buy out partners Bidvest and ACSA, the report said.
    Yes Bank shares have been on a downward spiral since last September after the IL&FS induced liquidity crisis came to the fore with the private bank's balance sheet showing exposure to many stressed firms. Since then analysts have been downgrading Yes Bank's stock on asset quality concerns.
    What added to the bank's woes was a family feud along with allegations of irregularities of corporate governance amid a flurry of high-profile exits of board members.
    Yes Bank shares quoted at Rs 97.15 on BSE at 11.25 am, up 3.19 percent. The benchmark Sensex traded with gains of 56 points at 38792.
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