Shares of Yes Bank Ltd. rose as much as 5% after Life Insurance Corporation of India acquired close to 5% stake in the private lender by purchasing share in open market.
The company's stock jumped 4.97% to Rs 14.14—its upper circuit limit—on the BSE. On the National Stock Exchange, it gained 4.83% to Rs 14.10.
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With the fresh acquisition, LIC's shareholding in Yes Bank has increased to 4.98% from 0.75% earlier, according to the private sector lender's exchange filing. The state-run insurer purchased 105.98 crore shares, reflecting 4.23% stake, of the bank from the open market, the filing stated.
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Prior to this, LIC had 0.75% stake in Yes Bank through 19 crore shares held. In all, it said, LIC's holding in the bank increased to 4.98% through 125 crore shares held. The period of acquisition is between Sep. 21, 2017, and July 31, 2020, it said.
Earlier this week, Moody's Investors Service upgraded Yes Bank's long-term foreign currency issuer rating by a notch to ''B3'' from ''Caa1'' after a Rs 15,000-crore capital raising. Despite the upgrade, Yes Bank still remains under non-investment grade.
Obligations rated 'B' are considered speculative and are subject to high credit risk while those rated 'Caa' are judged to be speculative of poor standing and are subject to very high credit risk.
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