YES Bank shares in focus as HDFC Bank gets RBI approval to buy up to 9.5% stake

YES Bank shares: YES Bank said the RBI has approved a HDFC Bank proposal on acquiring of up to 9.50 per cent of the paid-up share capital or voting rights of the bank.

Shares of YES Bank Ltd will be in focus on Tuesday morning after the private sector lender in a filing to BSE said it has received an intimation from the Reserve Bank of India (RBI) dated February 5 suggesting the apex bank has accorded its approval to HDFC Bank Limited for acquiring aggregate holding of up to 9.50 per cent of the paid-up share capital or voting rights of the bank.

YES Bank shares are up 0.7 per cent in January so far. The YES Bank stock is up 37 per cent in the last one year. HDFC Bank shares are down 15 per cent year-to-date and 13 per cent in the last one year.

YES Bank said that the RBI, while granting the above referred approval, also conveyed that if the applicant fails to acquire major shareholding within a period of one year from the date of aforesaid RBI letter, the approval shall stand cancelled.

Further, HDFC Bank has to ensure that the aggregate holding in the YES Bank does not exceed 9.50 per cent of the paid-up share capital or voting rights of the YES Bank at all times. If the aggregate holding in YES Bank falls below 5 per cent, prior approval of RBI will be required to increase it to 5 per cent or more of the paid-up share capital or voting rights of the YES Bank.

The approval granted by RBI is subject to the compliance with the relevant provisions of the Banking Regulation Act, 1949, RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time).

Besides, it is subject to provisions of the Foreign Exchange Management Act, 1999, regulations issued by Securities and Exchange Board of India, and any other statutes, regulations and guidelines, as applicable.

Yes Bank share price Today Live Updates : Yes Bank’s stocks plummet as investors lose confidence

Yes Bank stock price went down today, 06 Feb 2024, by -3.8 %. The stock closed at 23.7 per share. The stock is currently trading at 22.8 per share. Investors should monitor Yes Bank stock price closely in the coming days and weeks to see how it reacts to the news.

Yes Bank Share Price Today : On the last day of trading, Yes Bank’s stock opened at ₹23.7 and closed at the same price. The stock had a high of ₹23.82 and a low of ₹22.62. The market capitalization of the company is ₹65,580.4 crore. The 52-week high for the stock is ₹26.25, while the 52-week low is ₹14.1. The stock had a trading volume of 53,583,364 shares on the BSE.

With Thanks Reference to: https://www.businesstoday.in/markets/company-stock/story/yes-bank-shares-in-focus-as-hdfc-bank-gets-rbi-approval-to-buy-up-to-95-stake-416315-2024-02-06 and https://www.livemint.com/market/live-blog/yes-bank-share-price-live-blog-for-06-feb-2024-11707186684547.html