Yes Bank shares leap 5% as LIC hikes stake

NEW DELHI: Shares of Yes Bank on Friday rose 5 per cent after LIC acquired shut to five per cent shareholding within the financial institution by buying shares from the open market.
The firm’s inventory jumped 4.97 per cent to Rs 14.14 — its higher circuit restrict — on the BSE.
On the NSE, it gained 4.83 per cent to Rs 14.10.
With the recent acquisition, the holding of LIC has elevated from 0.75 per cent to 4.98 per cent, Yes Bank mentioned in a regulatory submitting.
LIC bought 105.98 crore shares, reflecting 4.23 per cent stake, of the financial institution from the open market, the submitting mentioned.
Prior to this, LIC had 0.75 per cent stake in Yes Bank by 19 crore shares held. In all, it mentioned, LIC’s holding within the financial institution elevated to 4.98 per cent by 125 crore shares held. The interval of acquisition is between September 21, 2017, and July 31, 2020, it mentioned.
Earlier this week, Moody’s Investors Service upgraded Yes Bank’s long-term international forex issuer ranking by a notch to ”B3” from ”Caa1” after a Rs 15,000-crore capital elevating. Despite the improve, Yes Bank nonetheless stays beneath non-investment grade.
Obligations rated ‘B’ are thought of speculative and are topic to excessive credit score danger, whereas these rated ‘Caa’ are judged to be speculative of poor standing and are topic to very excessive credit score danger.

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