Livemint, November 4, 2019

Rakesh Jhunjunwala buys Yes Bank shares worth ₹87 crore

Ace stock market investor Rakesh Jhunjunwala on Monday bought Yes Bank shares worth ₹87 crore, according to data from stock exchanges.
Jhunjunwala bought 12.95 million shares of the lender at a price of ₹67.1 apiece, data shows.
The investment in Yes shares by Jhunjhunwala comes after the lender announced last week that it has received offers of $3 billion from potential investors, including the recently-announced $1.2 billion from a North American family office.
On Friday evening, Yes Bank chief executive Ravneet Gill said that the bank has non-binding offers from two domestic mutual funds, six global private equity firms, two Indian financial investors and two Indian family offices. While the two domestic MFs and global PE firms have made an offer of $1.5 billion, the offer from four Indian investors is about $350 million.
The bank hopes to close the fund-raise before December, he added.
The proposed capital infusion, the bank would not require capital for the next two years, growing at a high-teen rate, said Gill. The bank which reported a common equity tier 1 (CET1) ratio of 8.7% in the September quarter of FY19 will see an around 260 basis point (bps) jump in capital adequacy ratio following the proposed infusion.
Last week, Yes Bank reported a net loss of ₹600 crore for the three months to September primarily owing to a one-time deferred-tax asset (DTA) adjustment of ₹709 crore.
The bank had posted a net profit of ₹965 crore in the same period last year. The bank’s loss was higher than ₹402 crore estimated by a Bloomberg consensus estimate of 17 analysts. Even without DTA adjustment, the bank’s operating performance was weaker than the same period last year.
Yes Bank’s operating profit was also down 38% year-on-year (y-o-y) to ₹1,458 crore in the quarter under review.
On Monday, Yes Bank shares closed at 66.1 per share, down 0.75% on the BSE.


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