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Last Updated : Jan 15, 2020 09:04 PM IST | Source: Moneycontrol.com

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.

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.

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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.

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First Published on Jan 15, 2020 11:43 am
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