Yes Bank is trading higher by 2.3% at Rs 534 after signing a memorandum of understanding (MoU) with the International Finance Corporation (IFC) to jointly create a private equity (PE) fund that will make investments across sectors in North-Eastern States.
The fund corpus will focus on investments spread mainly across sectors of tourism and hospitality, food and agribusiness, infrastructure, healthcare, education, livelihood creation and affordable housing.
Last year, IFC had provided a $75 million loan to help Yes Bank expand its network to reach underserved people, small and medium enterprises and agricultural borrowers in the country. IFC is a member of the World Bank Group.
The stock opened at Rs 522 and hit a record high of Rs 537 on BSE. A combined 2.25 million shares have changed hands on the counter till early noon deals on both the exchanges.
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