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Rakesh Jhunjhunwala buys 0.51% in YES Bank for Rs 87 crore

On Monday, CEO & MD Ravneet Gill, said the bank has received total bids worth $3 billion.|
Updated: Nov 05, 2019, 04.01 PM IST
NEW DELHI: Ace investor Rakesh Jhunjhunwala on Monday bought 1.30 crore shares or 0.51 per cent stake in private lender YES Bank, bulk deal data showed.

Jhunjhunwala picked up shares at Rs 67.10 per share, putting the deal value at around Rs 86.89 crore.

Shares of YES Bank closed at Rs 66.10 yesterdat, down 0.50 per cent or 0.75 per cent against 0.34 per cent rise in BSE Sensex.

The big bull’s touch has been known to work wonders for a stock. In the past, Jubilant Life Sciences, Firstsource Solutions and NCC rose after Jhunjhunwala disclosed stakes in the companies.

However, brokerages have been bearish on YES Bank.

Morgan Stanley cut its price target for the stock to Rs 40 from Rs 55 earlier. Citi has reduced its target to Rs 50 from Rs 80. CLSA has slashed its target for the stock to Rs 75 from Rs 110. Goldman Sachs sees the stock at Rs 62. Macquarie target has kept its target unchanged at Rs 50.

Meanwhile, YES Bank is in the process of raising $1.2 billion.

On Monday, CEO & MD Ravneet Gill, said the bank has received total bids worth $3 billion.

“The question for us is really to be able to quickly circle back and decide what could make the most sense for the bank from a financial standpoint, from a strategic standpoint, from a long term point in terms of the re-branding the entire bank and repositioning it. That is the decision that the capital raising committee of the board will need to quickly take and then take to the board for final approval,” he told ET NOW.

YES Bank on Friday posted a loss of Rs 600.08 crore for the September quarter on one-time DTA adjustment of Rs 709 crore on account of change in corporate tax rate regime.

The lender had posted Rs 964.70 crore profit in the corresponding quarter last year.

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