Earlier in the 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. No doubt the upgrade, But Yes Bank still remains under non-investment grade.
Yes Bank on Thursday said LIC has acquired nearly 5 per cent shareholding within the bank by purchasing shares from the open market. With the fresh acquisition, the hold of LIC has increased from 0.75 per cent to 4.98 per cent, Yes Bank said during a regulatory filing.
LIC purchased 105.98 crore shares, reflecting 4.23 per cent stake, of the bank from the open market, the filing said.
Prior to this, LIC had 0.75 per cent stake in Bank though 19 crore shares held. In all, it said, LIC holding within the institute increased to 4.98 per cent through 125 crore shares held.
The period of acquisition is between September 21, 2017, and July 31, 2020, it said.
Earlier in the 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.
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.