State-run insurer, Life Insurance Corporation of India (LIC), has increased its stake in private lender Yes Bank to 4.98 per cent through an open market purchase. In addition, Moody's Investors Service upgraded the bank’s long-term foreign currency issuer. All this led to a jump in share price of Yes Bank by around 4.90 per cent to Rs 12.83.
In a regulatory filing made on Tuesday, Yes Bank said that LIC acquired 105.98 crore shares of the bank through open market purchase. With this, LIC's stake in the bank has risen to 4.989 per cent from 0.759 per cent earlier. In the past, the insurer had 190,214,730 equity shares and now its 1,250,015,999 equity shares.
Meanwhile, Moody’s Investors Service upgraded Yes Bank Ltd.’s long-term foreign currency issuer rating from Caa1 to B3, as per the statement on Monday.
This was after Yes Bank raised Rs 15,000 crore in a follow-on public offer recently. With the FPO, Yes Bank was able to increase its Tier-1 capital adequacy ratio to 13.5 per cent.
The previous day's close of Yes Bank was Rs 12.22.
