Rakesh Jhunjhunwala's Rare Businesses Meet with Bank Representatives After First Quarter Results

Rakesh Jhunjhunwala's Rare Businesses Meet with Bank Representatives After First Quarter Results

Typically, brokerages or badysts meet with companies to learn more about their projects, current earnings growth and prospects, their balance sheets and industry outlooks.

The private sector lender, Yes Bank, said their representatives met with Rare Enterprises of Rakesh Jhunjhunwala on July 22, 2019.

Typically, brokerages or badysts meet with companies to learn about their projects, current earnings growth and prospects, the industry's balance sheet and outlook.

In the case of Yes Bank, the Rare Enterprises meeting could consist of understanding the lender's profits announced last week at the end of June, about the new initiatives taken by the CEO, Ravneet Gill, to clean up the accounts and on the growth structure of the bank.

Last week, after the June earnings, Investec Capital Services, Nomura Financial Advisory & Securities, Macquarie Capital Securities, Axon Capital LP, Ashmore Investment Advisors India and Adi Capital Management also met with representatives of the private sector lender.

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The title gained 3% intraday on July 24th. At 12:24, HNT, he was at Rs 91.35, up Rs 0.65 or 0.72% on BSE.

The self-benefit of Yes Bank in June fell sharply by 91 percent to 113.76 billion rupees, due to the three-fold increase in provisions and the poor quality of its badets.

But sequentially, the lender returned to the black in the first quarter against the loss of 1,506.64 crores of rupee in March, due to the sharp drop in provisions.

After the profits, CEO Ravneet Gill said that concerns about the quality of the private sector lender's badets were exaggerated and that he was considering raising capital to refocus on growth.

Gill, in his interview with CNBC-TV18, said the raised capital would be "for growth purposes only and not to clean up the balance sheet" of Yes Bank. "The bank is looking to complete the fundraising exercise in the second quarter of fiscal 2010".

At the same time, Rana Kapoor and another promoter, Morgan Credits Private Limited (MCPL), promised to hold 7.34% of their total interest from July 18 to 22, 2019.

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