Rakesh Jhunjhunwala Buys 0.5% Stake In Yes Bank For Rs 87 Crore
Private investor Rakesh Jhunjhunwala. (Photographer: Santosh Verma/Bloomberg News)

Rakesh Jhunjhunwala Buys 0.5% Stake In Yes Bank For Rs 87 Crore

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Veteran equities investor Rakesh Jhunjhunwala has purchased nearly 1.3 crore shares of Yes Bank Ltd. for around Rs 87 crore through open market transactions.

According to bulk deal data available with the Bombay Stock Exchange, Jhunjhunwala purchased 12,950,000 shares, amounting to 0.5 percent stake, of Yes Bank. The shares were bought at an average price of Rs 67.10, valuing the transaction at Rs 86.89 crore, the data showed.

On Monday, Yes Bank shares fell 0.75 percent to Rs 66.10 apiece on the BSE after the private lender reported loss of Rs 600 crore on a one-time tax adjustment.

The bank has lost 63 percent of its market value since January on account of asset quality woes. Last month it stated that it was looking to raise further equity and is in discussions with investors who are willing to pump in more than $3 billion in the private sector lender.

Also read: Yes, Cut the Loose Talk and Close This Rescue

In a separate transaction on the bourse, Vistra ITCL India Ltd. sold over 6.2 crore shares of CG Power & Industrial Solutions Ltd. at Rs 13.97 apiece, valuing the deal at Rs 87.45 crore. The shares sold by Vistra were picked up by L&T Finance Ltd. at the same price, the bulk deal data showed.

According to CG Power’s shareholding pattern on Sept. 30, 2019, Vistra ITCL India is a public shareholder of the power equipment maker, holding 10.89 percent stake, or over 6.82 crore shares, in the firm. After the transaction, Vistra ITCL India is left with a little over 56 lakh shares of CG Power.

Shares of CG Power rose 4.94 percent to Rs 14.65 on Monday. The benchmark Sensex gained 0.34 percent to end the day at a record high of Rs 40,301.96 points.

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