YES Bank shares rebound 5% amid reported block deal by Carlyle Group
YES Bank shares rebound 5% amid reported block deal by Carlyle Group
Shares of YES Bank Ltd rebounded from early jitters on Friday amid the report block deal by Carlyle Group, who was looking to offload 2 per cent stake in the private lender, according to the media reports. Goldman Sachs was appointed as the banker to the transaction, said the report. The deal is likely to take place around Rs 25 apiece.
As of 9.40 am, more than 73.58 crore shares of YES Bank were traded on NSE, amounting to Rs 1,803.85 crore. Similarly, 2.35 crore shares of the lender, worth Rs 59.21 crore exchanged hands on BSE as of the same time. The heavy volumes on the exchanges suggest that the block deal was executed. However, Business Today could not independently verify the same.
Amid the buying and selling actions, Shares of YES Bank dropped about 3.5 per cent at the opening tick to Rs 24.55 on Friday, but the stock staged a swift rebound of 5.17 per cent to Rs 25.82 during the session. The stock had settled at Rs 25.44 in the previous trading session on Thursday.
Carlyle Group, via its investment arm CA Basque Investments, holds an 8.74 per cent stake in YES Bank as of March 31, 2024. Earlier than this, Carlyle had sold a 1.4 per cent stake in YES Bank, worth around Rs 1,057 crore. CA Basque Investments, the Mauritius-based special purpose vehicle, had then sold 39 crore shares of the lender at Rs 27.10 apiece.
In an exchange filing with bourses, Yes Bank said it has received a service tax demand order, which levied a penalty of over Rs 6.42 crore. “The Bank has received an order from the Office of the Commissioner of GST & Central Excise, Maharashtra on May 02, 2024, confirming tax liability on a service tax issue along with interest and levy of a penalty of Rs 6,41,84,437,” YES Bank said.
Yes Bank reported a standalone net profit of Rs 452 crore for the quarter ended March 31, 2024 which jumped 123 per cent over Rs 202.43 crore reported by the lender in the year ago period. The private lender earned interest income of Rs 7,447.17 crore up 20 per cent YoY from Rs 6,216.24 crore reported in the corresponding quarter of the last financial year.
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