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Last Updated : Feb 14, 2020 10:59 AM IST | Source: Moneycontrol.com

Yes Bank continues to gain on receiving EOIs from investors; India Ratings downgrades

India Ratings and Research (Ind-Ra) has downgraded Bank’s long-term issuer rating to ‘IND A-’ from ‘IND A’.

 
 
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Yes Bank share price continued its upward journey on the second day with a gain of 8 percent intraday on February 14 as the company received non-binding expressions of interest from several prominent investors.

In a BSE filing on February 12, the bank said J.C. Flowers & Co. LLC, Tilden Park Capital Management LP, OHA (UK) LLP (part of Oak Hill Advisors), Silver Point Capital are among the firms that have shown interest in the lender.

Further, Yes Bank said the company and its financial advisors are currently in discussions with these investors on the commercial terms, including pricing, of their investments which will be subject to certain conditions and receipt of requisite approvals, including regulatory approvals with respect to the size of the stake to be acquired, as well as necessary dispensations with regard to applicable pricing guidelines.

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The bank also said that it will release its December quarter earnings on or before March 14

The company has sold 68,80,149 equity shares having a nominal value of Rs 5 each, constituting 9.47 percent of the paid-up share capital of Eveready Industries India in various tranches, last being on February 13, 2020, resulting into a change in holding of the bank by more than 2 percent of the total shareholding of Eveready.

However, India Ratings and Research (Ind-Ra) has downgraded Bank’s long-term issuer rating to ‘IND A-’ from ‘IND A’, while maintaining it on Rating Watch Negative (RWN).

At 10:03 hrs Yes Bank was quoting at Rs 39.60, up Rs 2.40, or 6.45 percent on the BSE.

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First Published on Feb 14, 2020 10:59 am
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