Mid-day spotlight: This private sector bank surges upon announcing fundraising plans!

The proposal for fundraising shall be discussed on Friday, July 29, 2022.

The shares of Yes Bank Ltd, an S&P BSE 200 company, are buzzing on the bourses today. As of 12.23 pm, the shares of Yes Bank Ltd were trading at Rs 14.42 apiece, an increase of 5.10 per cent from the previous close.  

This rally came on the back of an announcement made by the bank. Last night, the bank informed BSE that the meeting of the Board of Directors of the company is scheduled on Friday, July 29, 2022.  

As per the exchange filing, in this meeting, the Board shall consider and evaluate the proposal for raising funds via a rights issue, preferential allotment, qualified institutions placement or through any other permissible mode and/or a combination thereof as may be considered appropriate, subject to all such regulatory/statutory approvals.  

Today, the scrip opened at Rs 13.71, which was its day’s low. It went on to touch Rs 14.50, the day’s high. So far 1,68,60,914 shares have been traded on the bourses.  

On the valuation front, the bank is trading at a TTM PE of 29.27x as against the industry PE of 19.21x. The bank’s 52-week high and low stand at Rs 16.25 and Rs 10.51, respectively.