Yes Bank Announces ₹2,500 Crore Fund Raise through Debt Securities
Yes Bank shares have been in base building mode for the last three months, oscillating in the range of ₹14.50 to ₹17 apiece after bottoming out in mid-March 2023. However, after climbing to a 52-week high of ₹24.75 per share in December 2022, Yes Bank shares saw a heavy sell-off. To counter this, the Yes Bank board announced a ₹2,500 crore fund raise through the issuance of debt securities including non-convertible debentures, bonds, and Medium Term Note (MTN). This announcement has attracted the attention of market experts, who believe it will work in favor of Yes Bank shares when the market reopens for trading on Monday next week.
According to stock market experts, Yes Bank shares are expected to face strong resistance at ₹18 to ₹20 apiece. However, breaching this hurdle may lead to the stock climbing to a new 52-week high if the uptrend continues. Analysts recommend a “buy on dips” strategy and maintaining strict stop-loss at ₹13 apiece levels, as Yes Bank shares may trade volatile.
Yes Bank informed Indian stock market bourses about the fund raise in an exchange communication available on BSE. The bank’s Q4 FY23 results showed a dip in net profit from ₹367.46 crore to ₹202.43 crore, logging near 45% decline on a YoY basis. However, on a QoQ basis, Yes Bank reported around a 293% rise against Q3FY23 net profit of ₹51.52 crore.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Follow DelhiBreakings on Google News
Superfast News Coverage by DelhiBreakings.com team.
For Superfast national news and Delhi Breaking Stories visit us daily at https://delhibreakings.com
