YES Bank soars on plan to raise $500 million

Yes Bank is currently trading at Rs. 569.00, up by 19.10 points or 3.47% from its previous closing of Rs. 549.90 on the BSE. The scrip opened at Rs. 560.30 and has touched a high and low of Rs. 576.25 and Rs. 560.30 respectively. So far 304428 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 588.00 on 16-May-2014 and a 52 week low of Rs. 216.10 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 583.55 and Rs. 530.50 respectively. The current market cap of the company is Rs. 20536.07 crore. The promoters holding in the company stood at 25.55% while Institutions and Non-Institutions held 58.95% and 15.50% respectively. Private sector lender YES Bank is set to raise $500 million by issuing fresh shares to a cluster of investors. This will lead to dilution of 10-12 per cent in promoter shareholding. The bank will sell shares at Rs 540-550 per share. Goldman Sachs, Deutsche Bank, UBS, HSBC, JM Financial and Motilal Oswal Financial Services have been appointed as the lead arrangers for the issue. At present, Rana Kapoor, and Madhu Kapur and her family are the company’s largest individual promoters; while Kapoor owns 5.55 per cent, Madhu Kapur and her family own 9.74 per cent. The bank reported a rise of 18.79% in its net profit at Rs 430.21 crore for the quarter ended March 31, 2014 as compared to Rs 362.15 crore for the same quarter in the previous year. Total income of the bank increased by 13% at Rs 3013.57 crore for quarter under review as compared to Rs 2667.03 crore for the quarter ended March 31, 2013.