Yes Bank shares gain on Rs 284.21-crore tax refund order

By: AdminApril 22, 2024

Categories: Income Tax|Income Tax

News4 Min Read

Shares of Yes Bank gained in early trade on April 22 after the company received a tax refund order of Rs 284.21 crore for the assessment years 2011-12 to 2013-14.At 9:25am, Yes Bank was quoting Rs 24.12, up Rs 0.18, or 0.75 percent, on the BSE.The bank on April 19, 2024 received income-tax computational statements determining refund of Rs 284.21 crore, including interest amounting to Rs 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.The board of directors of the bank, on April 21, 2024, approved the allotment of 127,98,80,909 fully paid-up equity shares of face value of Rs 2 each of the bank to CA Basque pursuant to exercise of 127,98,80,909 share warrants allotted to CA Basque on December 13, 2022 at a price of Rs 14.82 per share warrant.A meeting of the board of directors of YES Bank will be held on April 27, 2024, to consider and approve the audited standalone and consolidated financial results of the bank for the quarter (Q4) and year ended March 31, 2024.There were buzz that the company is exploring a plan to sell its stake, and according to people familiar with the development, Japan’s Mitsubishi UFJ Financial Group (MUFJ) and Sumitomo Mitsui Banking Corp. (SMBC) have expressed interest and are considering a bid to acquire a majority stake in Yes Bank.Another company from the Middle East has also shown interest.The exact quantum of stakes in Yes Bank to be sold or which investors were willing to sell is not immediately clear.Source from: https://www.moneycontrol.com/news/business/stocks/yes-bank-shares-gain-on-rs-284-21-crore-tax-refund-order-12685441.html