New Delhi, Apr 30 () Fair trade regulator CCI on Thursday said it has given nod to a proposed combination between BP Global Investments Ltd and Reliance BP Mobility Ltd (RBPML). The transaction involves transfer of Reliance Industries' and its group entities' entire undertaking related to owning, operating and conducting petroleum retail marketing and related activities in India to RBPML, a combination notice filed with the regulator said. It also involved transfer of certain specified mobile aviation business assets at certain airport locations, which are currently owned and used by Reliance Industries, to RBPML, the notice added. Subsequently, the proposed transaction would involve acquisition of an aggregate 49 per cent of the fully diluted paid-up equity share capital and voting rights in and of RBPML by BP Global, it added. Acquisition of shares would be by way of acquisition of existing equity shares of RBPML from RIL and subscription by BP Global to fresh equity shares of RBPML. BP Global is an investment holding company and holds shares in subsidiaries and associated companies. The regulator in a tweet said it "approves proposed combination between BP Global Investments Limited (BP Global) and Reliance BP Mobility Limited (RBPML)". In another tweet, the Competition Commission of India (CCI) said it "approves proposed acquisition of 100 per cent shares and control of Tech Data Corporation by Tiger Midco LLC". Tiger Midco will acquire the entire stake and control of Tech Data through a merger of Tech Data with Tiger Merger Sub Co, a wholly owned subsidiary of Tiger Midco, a combination notice noted. Tech Data will continue as the surviving corporation after the merger as a direct wholly owned subsidiary of Tiger Midco. Tech Data, a Florida-based corporation listed on NASDAQ, is active globally in the wholesale distribution of technology products and solutions to re-sellers and other customers, while Tiger Midco is a special purpose vehicle set up and managed by investments funds managed by affiliates of Apollo Management, L.P. Separately, CCI said it "approves acquisition of less than 5 per cent shareholding in Intas Pharmaceuticals Limited by Canary Investments Limited and Link Investment Trust II". As per the combination notice, Intas is a vertically integrated global pharmaceutical formulation development, manufacturing, and marketing company. Canary is a Mauritius-based investment company, while Link II is an Indian private trust, the notice noted. SRS HRS

CCI approves combination between BP Global Investments, Reliance BP Mobility

New Delhi, Nov 18 () The Competition Commission on Monday said it has approved the acquisition of Welspun Corp's plates and coils mill division by Laptev Finance Pvt Ltd.
Welspun Corp in March had said it will sell its assets worth Rs 940 crore to two companies -- Laptev Finance and Welspun Captive Power Generation.
The firm further said it has signed an agreement with Laptev Finance to sell its plates and coils mill division for Rs 848.5 crore.
 "The Board of Directors of the Company at its meeting held on March 30, 2019...approved the slump sale of the business undertaking of the Company viz Plates and Coils Mill Division (PCMD) to Laptev Finance Pvt Ltd," Welspun Corp had said in a regulatory filing.
Giving nod to the deal, the Competition Commission of India (CCI) on Monday tweeted that it "approves the acquisition of the 'Plates &amp; Coils Mill Division' from Welspun Corp Limited by Laptev Finance Private Limited."
 In a combination notice, CCI said "Welspun Corp Ltd and Laptev entered into a business transfer agreement on 31 March 2019, wherein Welspun has agreed to sell, assign, transfer, convey and deliver, and Laptev has agreed to purchase and acquire the Target Business from Welspun as a going concern on a slump sale basis."
"The proposed combination would allow Laptev to bolster its business of buying, selling, reselling, exporting, importing and trading of all kinds of steel products," it added.
 Laptev is in the business of buying, selling, reselling, exporting, importing and trading steel goods among others while Welspun Corp is the flagship company of Welspun Group, which is among the largest welded line pipe manufacturing companies in the world, the CCI said in a release. SRS ANU

Laptev Finance gets CCI nod to acquire Welspun's plates and coils biz

New Delhi, Dec 30 () As many as 12 companies have filed applications with the BSE to list their commercial papers on the bourse for a total issue size of Rs 8,215 crore, the exchange said on Monday.
 The firms that have made applications are SBI Cards and Payment Services Ltd, Birla Group Holdings Pvt Ltd, National Housing Bank, Aditya Birla Capital Ltd, Larsen &amp; Toubro Ltd, SBI Cards and Payment Services Ltd, BASF India Ltd, The Ramco Cements Ltd, Aarti Industries Ltd, HT Media Ltd, GIC Housing Finance Ltd and Himadri Speciality Chemical Ltd.
 After the process, the effective date for listing of commercial papers (CPs) at the BSE is December 31, the BSE said in a release.
 "Till date, 50 issuers have done 182 issuances of commercial papers and have successfully listed CPs of Rs 70,210 crore on the BSE. The weighted average yield of these issuances is 6.42 per cent with an average tenor of 161 days," it added.
 A CP is an unsecured money market instrument issued in the form of promissory notes that enables highly rated corporate borrowers to diversify their sources of short-term borrowings and provides an additional instrument to investors.
 Such instruments can be issued for maturities between a minimum of 7 days and a maximum of one year from the date of issue.
 CPs are usually issued at a discount from face value and reflect prevailing market interest rates. SRS HRS

12 firms to list commercial papers on BSE for Rs 8,215 cr issue size

New Delhi, Dec 10 () The Competition Commission on Tuesday said it has approved Nippon Express' acquisition of 22 per cent stake in Future Group's logistics arm Future Supply Chain Solutions Ltd.
 Future Supply Chain Solutions in September said that Japan-based Nippon Express Co will acquire 22 per cent stake through a combination of primary issuance and secondary purchase from an existing investor.
 The Competition Commission of India (CCI) in a tweet said it "approves acquisition by Nippon Express (South Asia &amp; Oceania) Pte. Ltd. of approximately 22% of the total issued and paid up share capital of the Future Supply Chain Solutions Limited."
 As part of this transaction, Future Supply Chain Solutions Ltd (FSC) will issue 37,89,350 shares to Nippon Express at a price of Rs 664 per share (22 per cent premium to the current market price).
 "Through this primary issue Nippon Express will hold 8.6 per cent stake on a fully diluted basis and FSC will raise around Rs 252 crore for funding its near-term growth plans," the company had said in a regulatory filing.
 Further, Nippon Express had informed FSC that it had entered into a share purchase agreement with institutional shareholder(s) of FSC to acquire 58,63,475 shares representing 14.6 per cent of existing share capital, it added.
 Both these transactions will result in Nippon Express acquiring a 22 per cent stake in FSC (on a post money, fully diluted basis), FSC had said.
 Nippon Express will also have representation on FSC's Board of Directors, which will further strengthen its Board through their strategic direction. SRS 
RVK

CCI approves Nippon Express' 22 pc stake buy in Future Supply Chain Solutions

New Delhi, Dec 20 () The Competition Commission of India on Friday said it has given approval under the green channel route to acquisition of over 25 per cent stake in Adani Electricity Mumbai Ltd and Adani Electricity Mumbai Services Ltd by Qatar Holding LLC.
 The Qatar Investment Authority (QIA) earlier in December agreed to buy a 25.1 per cent stake in Adani Electricity Mumbai Ltd -- the firm that distributes power to three million consumers in Mumbai -- for Rs 3,200 crore.
 "Adani Transmission Limited (ATL), Adani Electricity Mumbai Ltd (AEML) and a subsidiary of Qatar Investment Authority (QIA) have signed definitive agreements for the sale of a 25.1 per cent stake in AEML to QIA and for a shareholder subordinated debt investment by QIA in AEML.
 "The total QIA investment in AEML will be approximately Rs 3,200 crore," a company statement had said.
 Qatar Holding LLC, registered as a foreign portfolio investment with Sebi, is an investment holding company of the QIA, the Competition Commission of India (CCI) said.
 Under the green channel route, CCI also approved acquisition of IDBI Asset Management Ltd and IDBI MF Trustee Company Ltd by Muthoot Finance Ltd.
 Muthoot Finance in November said it has "entered into a definitive agreement to acquire IDBI Asset Management (AMC) and IDBI MF Trustee Company".
 Upon completion of the transaction, Muthoot Finance will purchase 100 equity shares of IDBI AMC and IDBI MF Trustee Company held by the sellers for a total consideration of Rs 215 crore, it had added.
 Besides, the fair trade regulator also approved acquisition of GVK Airport Holdings Ltd by Green Rock B 2014 Ltd, the National Investment and Infrastructure Fund (NIIF) and Indo-Infra Inc.
 "The notification relates to acquisition of shares of, and control over, GVKAHL...and through GVKAHL (and/or through its affiliates), control over GVKAHL's subsidiaries, Mumbai International Airport Limited and Navi Mumbai International Airport Private Limited by Green Rock, NIIF, and Indo-Infra," CCI said in a release.
 Green Rock, a trustee of Green Stone Trust, has made certain investments in India and does not carry out any business activities directly in India. NIIF is an alternative investment fund with a focus to provide long-term capital to the country's infrastructure sector, CCI said.
 Indo-Infra is a holding company and part of the PSP group which is a Canadian Crown corporation established by the Canadian Parliament under the Public Sector Pension Investment Board Act, it added.
 The green channel concept -- recommended by the high-level panel that reviewed competition law in August -- allows for an automatic system for speedy approval for certain categories of merger and acquisitions.
 Under the framework, green channel approvals can be availed in combinations where there are no horizontal overlaps, no existing or potential vertical relationships and no complementary business activities between the combining parties, or their respective group entities, or involving any entity in which any of the combining parties hold shares or have control. SRS HRS

CCI approves under green channel Qatar Holding LLC's stake buy in Adani Electricity Mumbai

New Delhi, Dec 26 () Acting against contravention of takeover norms, markets regulator Sebi has slapped a total fine of Rs 8 lakh on Intercon Finance Pvt Ltd and four other entities.
 The fine amount has to be paid "jointly and severally" by Intercon Finance and Munjal M Jaykrishna, Radhika Jaykrishna, Gokul M Jaykrishna and Paru M Jaykrishna, Sebi said in an order.
 The matter pertains to acquisition of shares of AksharChem (India) Ltd by the entities.
 Sebi during an investigation found that the entities violated provisions of the Substantial Acquisition of Shares and Takeovers norms on various occasions in 1997, 1998, 2000, 2004 and 2005.
 "They were under legal obligation to disclose purchase/sale of the...2 per cent or more shares of the company to the company as well as the stock exchange within two days of such purchase/sale," Sebi said.
 However, they failed to do so.
 Besides, the entities violated SAST norms "by failing to make a public announcement to acquire shares in accordance with the Takeover Regulations on account of their acquisition of shares of the target company (AksharChem) on 07.04.1997, 06.04.2000 and 22.06.2000," Sebi said.
 Accordingly, the regulator has imposed the monetary penalty on the entities.
 In a separate order, the regulator levied a fine of Rs 5 lakh on International Constructions Ltd for non-compliance with the minimum public shareholding (MPS) requirements within stipulated timelines.
 "In the instant case, the material on record indicates absence of proactive and timely efforts on the part of the noticee to initiate action to ensure compliance with MPS requirements," Sebi noted.
 According to a separate order, merchant banker First Overseas Capital Ltd faces a penalty of Rs 5 lakh for concealing certain information in the prospectus of Powerhouse Fitness and Realty Ltd.
 Sebi noted that Powerhouse Fitness and Realty had issued securities to the promoters at a price lower than the issue price in the preceding one year. However, specific details such as names of persons to whom such specified securities were issued and whether they were part of promoters group, reasons for such issue and the price were not disclosed in the final prospectus.
 "Any concealment of facts/misrepresentation/exaggeration of facts or non-disclosure of material information in the prospectus/offer documents may lead to the investors making a wrong investments decisions which may result into adverse financial consequences," Sebi said. SRS HRS

Sebi levies Rs 8 lakh fine on Intercon Finance, 4 other entities for violating takeover norms

New Delhi, Jan 23 () Corporate Social Responsibility (CSR) spending by companies listed on NSE increased 18 per cent to Rs 11,961 crore in 2018-19, as per a report. 
 During 2017-18, the firms listed on NSE had spent Rs 10,179 crore.
 "CSR expenditure by companies listed at NSE has grown at a healthy compounded annual growth rate of 17 per cent over the last 5 years," a report by nseinfobase.com, a joint venture between NSE and PRIME Database, said.
 Reliance Industries, ONGC, Indian Oil Corporation, HDFC Bank, Tata Consultancy Services, Infosys, Tata Steel, ITC, NTPC and Power Grid Corporation of India are the top 10 companies which spent the most on CSR during financial year 2018-19, the report said.
 "The top 10 companies together spent 36 per cent of the total spend on CSR," the report said.
 Besides, there were 488 companies which exceeded their prescribed spending and 37 companies spent on CSR despite reporting a loss.
 "PSU spending saw an increase of 4 per cent from previous year. 57 PSUs spent Rs 3,198 crore in 2018-19, up from Rs 2,710 crore spent by 54 PSUs in 2017-18," the report stated.
 As on March 31, 2019, 1,786 companies were listed on NSE. However, the analysis is based on 1,132 companies listed on NSE as on March 31, 2019 and obligated to spend on CSR and for which CSR details were available in their annual reports.
 Of the total funds spent on CSR, maximum spending was on education and vocation skills at over Rs 4,440 crore.
 Among other areas, hunger, poverty and healthcare witnessed a spending of Rs 3,242 crore, rural development Rs 1,322 crore and environmental sustainability nearly Rs 1,020 crore, the report found. 
 Areas such as armed force veterans, technology incubators, slum development and disaster management saw negligible spends. 
 Giving a state-wise overview, the report said that top 10 states which received maximum CSR funds were Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu, Odisha, Delhi, Andhra Pradesh, West Bengal and Telangana.
 The top 10 states accounted for 47 per cent of the total CSR expenditure.
 According to Pranav Haldea, managing director of PRIME Database Group, "not all areas of the country are benefitting equally. Since the Act decrees that companies shall give preference to the local area, the more industrialised parts of the country are cornering a larger share."
 Under the Companies Act, 2013, certain class of profitable entities are required to shell out at least 2 per cent of their three-year annual average net profit towards CSR activities. SRS 
RVK

CSR expenditure by cos listed on NSE up 18 pc to Rs 11,961 cr: Report

New Delhi, May 14 () Fair trade regulator CCI on Thursday dismissed a complaint alleging abuse of dominant position by SBI and collusion with Patanjali Ayurveda and International Traders in a bidding process. The order came on the complaint filed by RH Agro Pvt Ltd, a large scale basmati rice manufacturer. The matter pertains to auctioning of RH Agro's property by State Bank of India (SBI) after its account was classified as non-performing asset (NPA). RH Agro's manufacturing plant at Sonepat, Haryana had been extended as primary security to a consortium of banks for availing term loan and working capital requirement for its business. However, after the firm's payments were constrained in 2012-13, the primary security was shut down and seized by SBI. The complainant's account was declared as NPA and valuation of land, building and assets was also undertaken. The initial valuation undertaken by SBI had come out to be nearly Rs 70 crore. The same valuation when undertaken by the complainant through government approved valuers in July 2016 came out to be Rs 121 crore. SBI, in January 2015, stated the current value to be Rs 141.65 crore. Afterwards, an e-auction was held for the mortgaged property in 2016. The two bidders who participated in the auction were Patanjali Ayurveda Ltd and International Traders. The assets were sold to the highest bidder Patanjali -- which made a bid of Rs 69,72,50,000. However, RH Agro alleged that the earnest money on behalf of International Traders was also arranged by Patanjali in order to make it participate in the bidding process and create a smokescreen to make it look like as though it was an independent bidder. The proprietor of International Traders was in collusion with Patanjali Group in order to rig the bidding process, which directly led to an appreciable adverse effect on competition, RH Agro alleged. The proprietor of International Traders is also a director of Swasth Aahar Private Ltd, which is stated to be a group company of M/s Patanjali Ayurveda. "The Informant alleges that arbitrary practices adopted by the officials of the State Bank of India are anti-competitive in nature as the officials of the Bank abused their dominant position by restricting access to market to other players to make the bid," the CCI order noted. However, CCI said any bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act has the right of enforcement of its security interest and if a borrower makes any default in loan repayment, then the account is classifiable as NPA. "The main purpose behind provisions of the SARFAESI Act is to provide for banks and other financial institutions to auction residential or commercial properties (of Defaulter) to recover outstanding loan in the event of defaults by the borrower/guarantor," it said. Regarding collusive bidding, the Competition Commission of India (CCI) said the informant has not given any cogent document or evidence to enable the commission to form a prima facie opinion warranting an investigation into the allegations. Further, SBI has countered the allegations of suspected cover bidding by International Trader by stating that even a single bidder can be validly considered with respect to an auction conducted under the SARFAESI Act. "The Commission is of the opinion that no competition concern can be said to have arisen in the present matter and the information is closed forthwith," the CCI said. SRS ABMABM

CCI dismisses unfair biz practices complaint against SBI, Patanjali, International Traders

<keyword id="865962" type="COMPANY" weightage="20" keywordseo="Fair-trade">Fair trade</keyword> regulator CCI on Thursday approved <keyword id="76451" type="DOMAIN" weightage="20" keywordseo="Adani">Adani</keyword> Properties' acquisition of 23.5 per cent stake in the country's second busiest aerodrome Mumbai International Airport. Adani Properties has acquired the shares from Mauritius based Bid Services Division and ACSA Global Ltd. As per the combination notice filed with CCI, the transaction involves acquisition of shares through two separate share purchase agreements. While Adani is buying 13.5 per cent stake in Mumbai International Airport from Bid Services Division, the rest 10 per cent has been acquired from ACSA, as per the notice said. In a separate tweet, Competition Commission of India (CCI) said it "approves merger of the BNP Paribas Mutual Fund and the Baroda Mutual Fund". Bank of Baroda and BNP Paribas Asset Management in a joint statement in October had said they entered into binding agreements. The strategic alliance would allow both companies to leverage each other's strengths to offer products specially designed for retail and institutional clients in India, they had said. Baroda Asset Management is a wholly-owned subsidiary of Bank of Baroda, while BNP Paribas Asset Management India is an entity of BNP Paribas Asset Management Asia. The regulator has also given nod to "secondary acquisition of additional 3.28 per cent of the issued and paid up share capital of Delhivery Private Limited by SVF Doorbell (Cayman) Ltd". In February 2019, CCI had approved SVFD's subscription to compulsorily convertible preference shares amounting to 22.44 per cent of the total shareholding of DPL (Delhivery Pvt Ltd) on a fully diluted basis. "Accordingly, subsequent to the investment, SVFD will hold up to approximately 25.72 per cent the issued and paid up share capital of DPL on a fully diluted basis," CCI said. Further, in another tweet, the regulator approved "subscription to securities of Ecom Express Private Limited by CDC Group plc". CDC is a development finance institution, wholly owned by the UK government, which provides scarce and patient capital to private sector entrepreneurs in developing countries, the combination notice said. Besides, Ecom Express is engaged in third party logistics services including delivery services and e-KYC facilitation for the customers of banks, NBFCs and other companies that require such services among others, it added. SRS BAL

Adani can buy stake in Mumbai airport after CCI approval

New Delhi, Nov 14 () Fair trade regulator CCI on Thursday approved Adani Properties' acquisition of 23.5 per cent stake in the country's second busiest aerodrome Mumbai International Airport.
Adani Properties has acquired the shares from Mauritius based Bid Services Division and ACSA Global Ltd.
As per the combination notice filed with CCI, the transaction involves acquisition of shares through two separate share purchase agreements.
While Adani is buying 13.5 per cent stake in Mumbai International Airport from Bid Services Division, the rest 10 per cent has been acquired from ACSA, as per the notice said.
In a separate tweet, Competition Commission of India (CCI) said it "approves merger of the BNP Paribas Mutual Fund and the Baroda Mutual Fund".
Bank of Baroda and BNP Paribas Asset Management in a joint statement in October had said they entered into binding agreements.
The strategic alliance would allow both companies to leverage each other's strengths to offer products specially designed for retail and institutional clients in India, they had said.
Baroda Asset Management is a wholly-owned subsidiary of Bank of Baroda, while BNP Paribas Asset Management India is an entity of BNP Paribas Asset Management Asia.
The regulator has also given nod to "secondary acquisition of additional 3.28 per cent of the issued and paid up share capital of Delhivery Private Limited by SVF Doorbell (Cayman) Ltd".
In February 2019, CCI had approved SVFD's subscription to compulsorily convertible preference shares amounting to 22.44 per cent of the total shareholding of DPL (Delhivery Pvt Ltd) on a fully diluted basis.
"Accordingly, subsequent to the investment, SVFD will hold up to approximately 25.72 per cent the issued and paid up share capital of DPL on a fully diluted basis," CCI said.
Further, in another tweet, the regulator approved "subscription to securities of Ecom Express Private Limited by CDC Group plc".
CDC is a development finance institution, wholly owned by the UK government, which provides scarce and patient capital to private sector entrepreneurs in developing countries, the combination notice said.
Besides, Ecom Express is engaged in third party logistics services including delivery services and e-KYC facilitation for the customers of banks, NBFCs and other companies that require such services among others, it added. SRS
BAL

CCI approves Adani's 23.5 pc stake-buy in Mumbai International Airport

New Delhi, Feb 27 () Sebi on Thursday slapped a total fine of Rs 5 crore on fugitive Mehul Choksi, Gitanjali Gems and another individual for violating various regulations, including listing norms, in connection with a massive fraud on state-run lender PNB. Choksi, promoter and managing director of Gitanjali Gems, is the maternal uncle of Nirav Modi, who is also facing charges for defrauding state-run Punjab National Bank (PNB) of over Rs 14,000 crore. Both Choksi and Modi fled India after the PNB scam came to light in early 2018. While Choksi is said to be in Antigua, Modi is lodged in a British jail and has challenged India's extradition request. In its order, Sebi said it is imposing a fine totalling Rs 5 crore on Choksi, Gitanjali Gems and Dhanesh Sheth, the executive director of Gitanjali. "... the default is grave and the gravity of this matter cannot be ignored," Sebi said. It quoted a communication from PNB that it had reported to the RBI total fraud of over Rs 11,394 crore in case of unauthorized issuance of LOUs, foreign letters of credit and inland letter of guarantees in the group accounts of Nirav Modi Group and Gitanjali Group and in the account of one Chandri Paper &amp; Allied Products Pvt Ltd. The overall fraud size is said to be even larger at over Rs 14,000 crore. "I am of the considered opinion that the deliberate defiance of the mandatory obligations and hiding the crucial and material information from investors, regulators and stock exchange, as found in this case should be dealt with sternly and the penalty in such cases should serve as effective deterrence," Sebi Adjudicating Officer Santosh Shukla said in a 28-page order. Sebi has penalised the entities for failing to make various requisite disclosures. Gitanjali has not made disclosures regarding withdrawal of credit limits by PNB in view of the alleged fraud by the firm and its subsidiaries, the sudden obligation to repay Rs 1,045.88 crore within 10 days and subsequent developments in the matter. The firm also failed to make disclosures on various litigations and actions by enforcement agencies against it, its managing director and other senior managerial personnel to the stock exchanges and also failed to reply on various clarifications sought by the exchanges till date, Sebi said. In addition, no disclosure was made on resignation of director, company secretary and chief finance officer to the stock exchanges. No disclosures with respect to delay in payment of interest and principal amount for a period of more than three months from the due date and default in payment of interest and principal to LIC on NCDs was made. Sebi noted that LIC has exposure to the firm under secured non-convertible debentures (NCDs) for Rs 125 crore. Gitanjali had issued post-dated cheques which were payable up to July 2019. However, the company stopped making repayments from October 2017. The firm has "prima facie" defaulted on debt obligations to LIC since October 2017, Sebi said. "Noticees actively and deliberately concealed the important information and did not disclose at all by the noticees, to the stock exchanges," it added. Highlighting Choksi's and Sheth's responsibility in making disclosures, Sebi said "instead of fulfilling their responsibilities, based on various media reports, it has been noted that the noticee no. 2 (Choksi) abdicated his responsibilities by leaving the country in the first week of January 2018, days before the alleged fraud came to light. Further, there is no information available with respect to the noticee no. 3 (Sheth)." "In this case, the Noticees have committed repeated and serious defaults by not disclosing subsequent material events / information with regard to material events as found hereinabove. The defaults by the Noticees are blameworthy and serious considering the degree of responsibility bestowed upon them by the statute," Sebi noted. Regarding Choksi and Sheth, Sebi said "the conduct of these directors is apparently mala fide." SRS BJ ABMABM

PNB fraud: Sebi imposes Rs 5-cr fine on Mehul Choksi, others

New Delhi, Dec 12 () Reversing its losing streak, Yes Bank shares on Thursday settled with nearly 6 per cent gain which analysts attributed to value-buying and short-covering.
 On the BSE, the scrip opened on a positive note and further climbed 12.5 per cent to Rs 48.15. It closed with a gain of 5.96 per cent at Rs 45.35.
 On NSE, shares closed 5.84 per cent higher at Rs 45.30. During the day, it had risen 14.01 per cent to Rs 48.80.
 The market capitalisation of the company stood at Rs 11,566.39 crore on the BSE.
 In terms of volume, 241.64 lakh units of Yes Bank changed hands on BSE, while 39.81 crore scrips were traded on the NSE.
 The counter was under selling pressure in the previous five trading sessions due to uncertainty over its USD 2-billion fund raising plan.
 "Yes Bank shares has been consistently witnessing selling pressure amid high speculation of asset quality concerns and its inability to raise funds. This has led to significant selling from key shareholders of the bank including its promoters," Ajit Mishra, VP - Research, Religare Broking said.
 The management has time and again clarified that the bank's asset quality has stabilised and has received investment proposals of over 2 billion dollars. However, nothing has yet been materialised for the bank, he further said.
 While citing probable reasons of surge in the price of scrip on Thursday, Mishra said that several factors like short covering, anticipation of positive outcome regarding fund raising plan of the lender among other factors led to rise in the price of scrip.
 Besides, he added that private sector banks were also trading in green on Thursday.
 S&amp;P BSE Private Banks Index ended with a gain of 1.07 per cent at 12,628.99. 
 Yes Bank after its board meeting on Tuesday said it would continue to evaluate other potential investors to raise capital up to USD 2 billion.
 "The board is willing to favourably consider the offer of USD 500 million of Citax Holdings and Citax Investment Group and the final decision regarding allotment to follow in the next board meeting, subject to requisite regulatory approval(s)," it had said in a regulatory filing.
 The binding offer of USD 1.2 billion submitted by Erwin Singh Braich / SPGP Holdings continues to be under discussion, it had added. SHW SRS MR
MR

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