Yes bank's stock price jumps after Rs 284 crore tax refund

22 Apr 2024 , 11:22 AM

Shares of  Yes Bank gained in early trade on April 22 after the company received a tax refund order of ₹284.21 crore for the assessment years 2011-12 to 2013-14.

At 9:25am, Yes Bank was quoting ₹24.12, up ₹0.18, or 0.75%, on the BSE.

The bank on April 19, 2024 received income-tax computational statements determining refund of ₹284.21 crore, including interest amounting to ₹113.44 crore, for the assessment years 2011-12 to 2013-14.

Out of the refund, the amount to be recognised in the profit and loss statement of the bank is in excess of the materiality threshold as prescribed under the amended listing regulations, it added.

On April 21, 2024, the bank’s board of directors approved the issuance of 127,98,80,909 fully paid-up equity shares with a face value of ₹2 each to CA Basque. This was in response to CA Basque exercising the 127,98,80,909 share warrants that were granted to them on December 13, 2022, at a price of ₹14.82 per share warrant.

The audited standalone and consolidated financial statements of YES Bank for the quarter (Q4) and year ended March 31, 2024, will be discussed and approved at a meeting of the board of directors on April 27, 2024.

There were rumors that the company was looking into selling its share, and people with knowledge of the situation said that Mitsubishi UFJ Financial Group (MUFJ) and Sumitomo Mitsui Banking Corp. (SMBC) of Japan had shown interest in Yes Bank and were thinking about making a bid to buy the majority of the company.

There’s been interest from another Middle Eastern corporation.

It’s not immediately obvious how many shares of Yes Bank will actually be sold, or which investors would be prepared to sell.

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