Yes Bank in the green

Yes Bank is doing pretty well today, with the stock opening higher at Rs.560.30 from yesterday’s close of Rs.549.90. It went on to hit an intra day high at Rs.576.25.

The stock is up as the Bank has began the process of raising $500 million through issue of fresh shares to a cluster of investors. This would mean a dilution of 10-12% in the promoter shareholding. It is expected that shares will be sold through this QIP at price of around Rs.540-550/share.