Yes Bank gains despite 1.3% stake sale by Carlyle Group; stock up 13% in a month

The stock of Yes Bank has surged 13 percent in the past one month, as against 1 percent decline in the benchmark Sensex.

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Shares of Yes Bank gained 1.7 percent to Rs 29.5 per share on February 15 after Carlyle Group sold a 1.35 percent stake worth Rs 1,056 crore at an average price of Rs 27.1 apiece through the open market transaction.

The stock of Yes Bank has surged 13 percent in the past one month, as against 1 percent decline in the benchmark Sensex.

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According to bulk deal data, the US-based group through its affiliate CA Basque Investments sold 39 crore shares in Yes Bank. CA Basque Investments is a special purpose vehicle, owned by CA Marans Investments and managed by affiliates of The Carlyle Group.

Morgan Stanley Asia was the buyer, which acquired 30 crore shares in Yes Bank at the same price, translating to a stake worth Rs 830.08 crore.

The current stake sale has brought Carlyle Group’s hold in Yes Bank down to 5.08 percent from 6.43 percent in December 2023. Earlier, in December 2022, Carlyle Group had picked up a 9.99 percent equity stake in Yes Bank at Rs 13.78.

ALSO READ: Carlyle Group sells Rs 1,056 crore worth stake in Yes Bank

The stake sales came after the Reserve Bank of India allowed HDFC Bank to acquire a 9.5 percent stake in six banks including Yes Bank. HDFC Bank intends to invest in these banks through HDFC Asset Management Company (AMC), HDFC Ergo and HDFC Life Insurance.

In Q3FY24, Yes Bank’s net profit more-than-tripled to Rs 231 crore from Rs 51 crore in the year-ago period due to a fall in provisions and higher other income. Net interest income, meanwhile, rose by 2.3 percent YoY to Rs 2,016 crore during the quarter.

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