Shares of Yes Bank rallied 13.5 per cent to Rs 71.6 on Wednesday amid reports that promoters are mulling sale of part of their holding in the bank to Paytm.
There was speculation that Yes Bank founder and former CEO Rana Kapoor may sell his 9.6 per cent stake in the bank as he seeks to cut personal debt and facilitate a fresh round of fundraising by the bank to improve its capital position.
Reports suggested that Kapoor was in talks with Paytm founder Vijay Shekhar Sharma, which may be at a personal level.
Late evening Tuesday, in a stock market notice Yes Bank also clarified on another media report which referred to the bank’s ongoing efforts to raise capital.
“We refer to the captioned news item carried out by Reuters and a few others, which are speculative in nature… the bank in the usual and ordinary course of its business continues to explore various means of raising capital/funds through issuance of securities to diverse set of investors, in order to meet its business/ regulatory requirements, subject to compliance with prescribed procedures and receipt of statutory regulatory approvals,” Yes Bank said.
Source: Economic Times 