YES Bank stock was the top gainer on Sensex and Nifty for the third straight session on Friday, ahead of the private lender’s board meet for considering various options for raising funds scheduled to be held today.
“A meeting of the board of directors of YES Bank will be held on Friday, November 29, 2019, to discuss and consider raising of funds by issue of equity or equity-linked securities through permissible modes”, YES Bank said in a regulatory filing on November 26. The fundraising is subject to necessary shareholders and regulatory approvals, as applicable, it added.
YES Bank stock price opened with a gain of 2.78% today and then rose 5.78% to the day’s high of Rs 74. Friday’s market depth data suggest 47% buying against 53% selling on the stock. Nearly 71 lakh and 923 lakh shares are changing hands on BSE and NSE, respectively.
YES Bank share trades higher than 5, 20, 50 and 100-day moving averages but lower than its 200-day moving averages.
The stock price of private sector lender has risen 13.64% in last three sessions.
On Thursday, YES Bank stock closed at Rs 70.05, registering a rise of 2.6% on BSE. On Wednesday, YES Bank share price closed 7.65% higher at Rs 68.25 on BSE and ended 8.31% higher at Rs 68.40 on NSE.
However, the stock has fallen 59% year-to-date, risen 24% in 3 months and 26% in one month.
Earlier in October 2019, the lender had said it received a binding offer from a global investor for an investment of $1.2 billion in the bank through fresh issuance of equity shares. The bank has already raised Rs 1,930 crore through Qualified Institutional Placement (QIP) in August 2019.
[“source=businesstoday”]