Yes Bank share price is rising and rising! It rose to the tune of 3 per cent in the early morning trade and the private lender stock continued to remain a favourite among the bulls throughout the intraday trade session. After the closing bell, Yes Bank shares closed at Rs 15.80, near 5 per cent higher from its yesterday’s close. According to the stock market experts, this rise in Yes Bank stock is because of the private lenders Rs 35,000 crore repayment to the Reserve Bank of India (RBI).
Speaking on the reason for rise in Yes Bank share rise to the tune of 5 per cent, Prakash Pandey, MD & CEO at Plutus Advisors said, “As per Yes Bank’s 2019-20 annual report, the bank repaid Rs 35,000 crore to the central bank out of the total special liquidity facility (SLF) of Rs 50,000 crore drawn for interim support. This has gone down well among the stock market traders and investors and they are putting money in Yes Bank stock after this newsbreak.”
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Yes Bank Chairman Sunil Mehta has said in the bank’s 2019-20 annual report that in addition to the SLF of Rs 50,000 crore extended by RBI, the bank has since then received strong customer liquidity inflows. He said that the bank has, as of date, repaid Rs 35,000 crore of SLF. The balance will be repaid within the timelines set by RBI.
Mehta went on to add that Yes Bank has made significant progress. The bank successfully raised equity funding of Rs 15,000 crore through a follow‑on public offering (FPO) within four months of the restructuring scheme, amid challenging market conditions, towards the end of July, which demonstrates the strong confidence of institutional and retail investors in the bank’s restructuring plan, action taken, future roadmap and professional leadership.