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Yes Bank shares surge 11% after RBI nod to HDFC for stake buy: What's happening
Yes Bank share price today: This comes after RBI's nod to HDFC for acquiring up to 9.50% of paid-up share capital or voting rights of the Bank.
Yes Bank share price today: Shares of Yes Bank jumped over 11% hitting the day's high of ₹25.40 on the NSE. This comes after Reserve Bank of India's (RBI) nod to HDFC Bank for acquiring up to 9.50% of the paid-up share capital or voting rights of the Bank. The central bank granted the approval saying that if HDFC Bank fails to acquire major shareholding within 1 year, the approval will stand cancelled.
The RBI has also asked HDFC Bank to ensure that its aggregate holding in Yes Bank does not exceed 9.50% of the paid-up share capital or voting rights of the Bank at all times.
"If the aggregate holding falls below 5%, prior approval of RBI will be required to increase it to 5% or more of the paid-up share capital or voting rights of the Bank," the exchange filing said.
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Yes Bank quarterly report
The surge in stocks of Yes Bank comes after it reported robust growth in profit for the quarter ended December 2023, surging more than four times year-on-year (YoY) to ₹231 crore. Yes Bank reported net interest income, the difference between interest earned and interest expended, at ₹2,017 crore- surging 2.4% YoY while provisions for the quarter dropped sharply.
Provisions and contingencies for the reported period stood at ₹555 crore, compared with ₹845 crore a year ago.
