Yes Bank gains over 3% after selling stake in Fortis Healthcare

Shares of Yes Bank rallied 3.5 percent intraday on October 15 after the lender sold stake in Fortis Healthcare.

“Yes Bank recovered Rs 645 crore of Religare exposure through sale of a 6.77 percent block of Fortis Healthcare shares,” the private sector lender said in its BSE filing.

Through this transaction, the bank said it has reduced its exposure to the Religare Group.

Yes Bank sold 5,10,99,265 equity shares, constituting 6.77 percent of the paid-up share capital of Fortis Healthcare, in various tranches during June 10 to October 14, 2019.

CNBC-TV18 learnt from sources that Eastspring Investments is one of the buyers in the deal.

Fortis Healthcare was quoting at Rs 135.85, up by Rs 5.30, or 4.06 percent on the BSE, while Yes Bank was trading at Rs 40.50, up by Rs 0.50, or 1.25 percent at 11.33 hours IST.

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