Yes Bank close to its UC

From its close yesterday at Rs.37.20, Yes Bank rose to an intraday high at Rs.40.20, which is just 70 paise short of its 10% UC at Rs.40.90.

The stock price is reacting today to reports of its fund raising plans; this is based on the company itself saying that it has received non-binding expressions of interest from companies including JC Flowers & Co. LLC; Tilden Park Capital Management LP; OHA (UK) LLP (part of Oak Hill Advisors); and Silver Point Capital.

The market is also happy that yesterday it sold over 68 lakh shares it held of Eveready Industries, raising around Rs.45 crore.

The Bank has stated that its declaration of Q3FY20 earnings will be delayed as it is currently engaged in fund raising and will be able to report them only by mid-March.