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Yes Bank shares gain over 3% after Rakesh Jhunjhunwala buys stake

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Shares of Yes Bank surged nearly 9 percent on Tuesday after ace investor Rakesh Jhunjhunwala on Monday bought nearly 1.3 crore shares of the private sector lender for around Rs 87 crore through open market transactions.

Yes Bank shares gain over 3% after Rakesh Jhunjhunwala buys stake
Shares of Yes Bank rose over 3% on Tuesday after ace investor Rakesh Jhunjhunwala on Monday bought nearly 1.3 crore shares of the private sector lender for around Rs 87 crore through open market transactions. Yes Bank's stock prices rose as much as 8.7 percent to Rs 71.90 per share intraday on BSE.
Yes Bank shares ended 3.4 percent higher at Rs 68.35, while the benchmark Sensex was down 0.13 percent, or 54 points, at 40,248.
Bulk share sales data released by the exchanges post-market closing on Monday showed that Jhunjhunwala had bought 1.3 crores shares of Yes Bank, which represents a 0.5 percent stake in the bank. The veteran investor has paid Rs 67.10 per share leading to a total acquisition cost of Rs 86.9 crore.
Recently, Yes Bank CEO Ravneet Gill told CNBC-TV18 that the bank had received a binding offer of $1.2 billion from a global investor, while a mix of private equity funds, family offices, domestic funds, and domestic family offices have shown interest in investing in the bank.
In September, Yes Bank announced its capital raising plans and said it has received "strong interest" from multiple foreign as well as domestic private equity and strategic investors for the capital raise. The bank had said, "It remains firmly on course to raising growth capital subject to necessary approvals."
In Q2, Yes Bank reported a net loss of Rs 600.08 crore as compared to the net profit of Rs 964.70 crore in Q2 FY18. Net interest income slipped 9.6 percent YoY. There was a one-off impact of Rs 709 crore due to deferred tax assets adjustment, which resulted in a loss during the quarter gone by, said the management while addressing a conference call on November 1.