LIC buys close to 5% stake in Yes Bank
Yes Bank on Thursday mentioned LIC has obtained close to 5 per cent shareholding in the bank by purchasing shares from the open market.
Moreover, right with the fresh acquisition, the hold of LIC has incremented from 0.75 per cent to 4.98 per cent, Yes Bank stated in a regulatory filing.
Also, LIC bought 105.98 crore shares, reflecting 4.23 per cent stake, of the bank from the open market, the filing pronounced.
Prior to this, LIC had 0.75 per cent stake in Yes Bank though 19 crore shares apparently held. In all, it stated, LIC holding in the bank incremented MGM
MGM ñ 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 this 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. Despite the upgrade, Yes Bank still remains under non-investment grade.
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.