Yes Bank gains as RBI allows FIIs to buy shares
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Shares of Yes Bank is trading higher by 4% at Rs 700 on NSE after the Reserve Bank of India (RBI) said foreign institutional investors (FIIs) can buy equity shares in private lender as shareholding by foreign investors has gone below the prescribed limit.
On November 20, the RBI notified that it has removed Yes Bank from its caution list as the aggregate share holdings in bank by Foreign Institutional Investors (FII)/Registered Foreign Portfolios Investors (RFPI)/Non-Resident Indians (NRI)/Persons of Indian Origin (PIO) and through American Depository Receipts (ADR)/Global Depository Receipts (GDR)/Foreign Direct Investment (FDI) have gone below the prescribed threshold caution limit stipulated under the extant FDI policy.
Hence the restrictions placed on the purchase of shares of the above bank are withdrawn with immediate effect, it added.
It may also be noted that all the approvals received against the said scrip are duly cancelled. Equity shares of Yes Bank can now be purchased through primary market and stock exchanges, the RBI said.
As on September 30, FIIs held 46.30% stake in YES Bank, the shareholding pattern data shows.
The stock opened at Rs 692 and touched a high of Rs 702 on NSE. A combined 1.22 million shares changed hands till 0957 hours on NSE and BSE
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