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YES Bank jumps 3% on acquiring 10.25% stake in Sical Logistics

NEW DELHI: YES Bank shares rose nearly 3 per cent on acquiring 10.25% stake in Sical Logistics.

Private sector lender on Wednesday informed bourses that it has acquired 60 lakh shares, 10.25 per cent of equity share capital, in Sical Logistics.

“Shares have been acquired upon invocation of the pledge of shares and this is a one-time transaction,” YES Bank said in a regulatory filing.

It further added that shares acquired on the invocation of pledge subsequent to default/breach of terms of credit facilities sanctioned by YES Bank to Sical Connect.

Sical Logistics is a holding company. It is primarily engaged in providing integrated logistics services. The company’s divisions include port handling, road logistics, retail supply chain solutions, customs house agency, ship agency and goodwill travels division.

Shares of YES Bank rose 2.76 per cent to Rs 40.90 and were later trading 1.76 per cent higher at Rs 40.45. Meanwhile, Sical Logistics gained 1.27 per cent to Rs 16.

Source: Economic Times