YES Bank share price rises 8% amid stake sale in Eveready Industries

YES Bank shares climbed 8% intraday in Friday's session amid the private sector lender offloading a 9.47% stake in Eveready Industries.

Post the announcement, share price of Yes Bank rose 8% intraday to day's high of Rs 40.20 against the previous close of Rs 37.20 on BSE.

Share price of Eveready Industries rose 5.2% to Rs 67.35.

"We would like to inform you that the bank has sold 68,80,149 equity shares having nominal value of Rs 5 each, constituting 9.47 % of the paid-up share capital of Eveready Industries India Limited ('Eveready") in various tranches, last being on February 13, 2020 resulting into a change in holding of the Bank by more than 2% of the total shareholding of Eveready," YES Bank said in a filing to BSE on Thursday post market hours.

YES Bank stock price has risen 2% in one week and 2.46 % in one month. However, shares of the private sector lender have eroded 15.87% year-to-date and 92% in the last one year. The stock price also trades lower than its 30, 50, 150 and 300-day moving averages.

Market capitalisation of the mid cap stock currently stands at Rs 9,488 crore.

Volume-wise, 45.30 lakh and 1000 lakh shares are trading on BSE and NSE counters. Market depth data suggests 55% buying against 45% selling in stock today.

In July 2019, YES Bank had bought 9.47% stake in Eveready Industries by way of invocation of shares pledged by group company, McLeod Russel India Ltd.

This was on account of group company defaulting on repayment of credit facilities extended by the lender. The bank acquired overall 68,80,149 shares on invocation of pledge subsequent to default of terms of credit facilities sanctioned by YES Bank to McLeod Russel India.

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