YES Bank up 20% in 2 days on RBI nod to proceed with Carlyle, Verventa deal
Published On: Monday, December 12, 2022 | By: Team KnowMyStock
Shares of YES Bank jumped 7 percent to Rs 21.10 to hit a 29-month high on the BSE in Monday’s intra-day trade on the back of heavy volumes while surging 19.7 percent over two sessions of trade. YES Bank stock has been rising since Friday when the bank received approval from the RBI to raise fresh capital from Verventa Holdings and Carlyle Group, an affiliate of funds managed by Advent International. The RBI gave approval to each investor with respect to the proposed acquisition by each of them up to 9.99 percent of paid-up share capital of the bank through subscription to equity shares and share warrants of the Bank vide separate letters dated November 30, 2022. This fundamentally strong news is expected to improve the asset quality of the bank, which has attracted attraction of market bulls."
Advising positional investors to maintain ‘buy on dips’ strategy in regard to Yes Bank shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Yes Bank shares have given sideways trend breakout at Rs 18 apiece levels and it may go up to Rs 24 and Rs 28 levels in short and medium term. Those who have Yes Bank in their stock portfolio are advised to maintain trailing stop loss at Rs 17 and keep on accumulating for Rs 24 and Rs 28 targets."
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