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YES Bank rises over 7% after RBI nod to raise capital

December 13, 2022

YES Bank rises over 7% after RBI nod to raise capital
Share of Yes Bank rallied over 7% and touched a 52-week high of Rs 21.15 in Monday’s intraday trade after the private lender got RBI’s nod to raise capital from Carlyle, Verventa Holdings.

The Reserve Bank of India (RBI), on Friday, issued two letters to Yes Bank as the final go-ahead for its proposed capital raise plan from the Carlyle Group and Verventa Holdings.

“We wish to hereby inform you that the bank is now in receipt of two further letters (separate to each investor) from the RBI about the proposed investment. Pursuant to which, the bank shall now engage with the investors for the completion of the proposed capital raise, subject to various regulatory compliances and conditions precedent as per the respective investment agreements,” Yes Bank said in a BSE filing.

At 11.07 am, the scrip was trading 6.8% higher at Rs 21 over its last day’s closing price of Rs 19.7 per share. The stock has also surged nearly 63% in the last six months, while it has risen about 50% on a year-to-date basis.

Technical analysts say Yes Bank has broken out from an inverse head and shoulders formation pattern with long consolidation and a triangle breakout in the longer time frame.

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