Yes Bank shares are in uptrend over past few days despite weakness on Dalal Street. The Bank share price today opened with an upside gap and went on to hit 2-year high near 20 per cent in last two trade sessions.
According to stock market experts, Yes Bank shares are rising after the private lender’s disclosure on Friday informed Indian bourses about the positive developments in regard to fresh investments by Carlyle Group and Verventa Holdings Limited.
They said that share price has given sideways trend breakout on chart pattern and it may go up to Rs28 apiece levels in short to medium term. They advised positional investors to maintain buy-on dips-strategy in the scrip till it is above Rs18 apiece levels.
Avinash Gorakshkar, Head of Research at Profitmart Securities said, “The Bank shares witnessed strong upside on Friday after the private lender informed Indian bourses about positive developments in regard to fresh investments by Carlyle Group and Verventa Holdings Limited. The private lender has claimed that the Reserve Bank of India has given conditional approval to each investors with respect to the proposed acquisition by each of them of up to 9.99% of paid up share capital of the Bank. This fundamentally strong news is expected to improve asset quality of the bank, which has attracted attraction of market bulls.”
Bank statement
In its latest exchange communication, Yes Bank said, “This is in relation to the proposed investment by CA Basque Investments and Verventa Holdings Limited in the equity shares of face value Rs. 2 each and share warrants of Yes Bank Limited,” adding, “Further to the Reserve Bank of India, issuing a conditional approval to each Investor with respect to the proposed acquisition by each of them of up to 9.99% 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.”
“Hereby, We wish to inform that the Bank is now in receipt of two further letters (separate to each investor) from the RBI in relation to 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.”
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