The inventory has misplaced almost 17% within the final one month and a whopping 80% within the final one 12 months on issues over its monetary well being.

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Image for illustration. (Photo: Reuters)

Yes Bank Ltd shares surged over 13% in intra-day commerce on Wednesday after a media report mentioned that the non-public sector lender has appointed funding banker Anshu Jain to assist the financial institution increase funds.

At 11:50 am, Yes Bank shares have been buying and selling 7% larger at Rs 37.40 apiece after hitting the day’s excessive of Rs 39.70. The inventory has misplaced almost 17% within the final one month and a whopping 80% within the final one 12 months on issues over its monetary well being.

According to a report in Economic Times, Yes Bank has given mandate to Anshu Jain to increase the funds for the lender after it acquired the board’s approval to increase as a lot as $2 billion final month. Anshu Jain is a former co-CEO of Deutsche Bank and is at present the president of Cantor Fitzgerald, an funding financial institution and brokerage agency.

The growth is important as not too long ago India Ratings had downgraded the scores of Yes Bank, saying it is going to be difficult for the lender to increase sizeable capital within the close to time period. To recall, Yes Bank’s board had determined to not proceed with the proposed funding provide of Erwin Singh Braich/SPGP Holdings, whereas it mentioned it was open to contemplating the $500 million provide from Citax Holdings and Citax Investment Group.

Interestingly, Yes Bank’s unbiased director Uttam Prakash Agarwal had submitted his resignation final month citing “serious concerns” on the state of affairs of the non-public sector lender and deteriorating practices.

Agarwal had reportedly written a letter to Sebi chairman Ajay Tyagi and wholetime member G. Mahalingam, asking the market regulator to examine whether or not the method adopted through the capital-raising train by financial institution’s MD and CEO Ravneet Gill was law-compliant.

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