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Yes Bank acquires stake in Reliance Power arm, share price up 5%

An extraordinary general meeting of the bank is to be held on February 7 to seek shareholders' approval to raise authorised share capital to Rs 1,100 crore.

January 15, 2020 / 09:04 PM IST

Yes Bank share price jumped 5 percent intraday on January 15 after the private lender acquired 30 percent stake in a Reliance Power subsidiary.

The company acquired 127,321,500 equity shares having a nominal value of Rs 10 per share, constituting approximately 29.97 percent of the post-issue paid-up share capital of Rosa Power Supply Company, a wholly owned subsidiary of Reliance Power.

The shares were acquired on invocation of pledge subsequent to default/breach of terms of credit facilities sanctioned by Yes Bank to Reliance Power.

An extraordinary general meeting of the bank has been called on February 7. The bank will seek shareholders' approval to raise its authorised share capital to Rs 1,100 crore, a release said.

At 1108 hours, Yes Bank was quoting at Rs 40.10, up Rs 1.55, or 4.02 percent, on the BSE.

Moneycontrol News
first published: Jan 15, 2020 11:43 am