Yes Bank shares rose nearly 8 percent to Rs 92 per share on Wednesday following a report the lender is likely to raise funds through qualified institutional placement soon.
The private sector lender's shares have surged in the last two days, rising almost 12 percent during the period.
The bank's management has reportedly reached out to investors who have shown willingness to participate in the QIP. Motilal Oswal and JM Financial are reportedly bankers to QIP issue, according to CNBC-TV18 sources.
Yes Bank on July 18 reported a 91 percent year-on-year (YoY) drop in net profit at Rs 113.8 crore for the first quarter ended June 2019.
In the corresponding quarter last year, the company posted a net profit of Rs 1,260.4 crore.
Over 55 million shares traded on the National Stock Exchange, against the daily average of 26 million shares.
Yes Bank shares have corrected over 50 percent this year while the one-year return on the stock is also sharply negative. Yes Bank stock has corrected 76.50 percent in the last one year.
At 11.18 am, the stock traded 7.09 percent higher, quoting at Rs 91.40 on NSE. The broader Nifty50 traded flat at 10956.
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First Published: IST