YES Bank gets $1.2-bn binding offer from global investor, stock rallies 24%

The YES Bank stock surged close to 35 per cent in intra-day trade on Thursday before closing with 24 per cent gains, after the private lender said it had received a binding offer from a global investor for an investment of $1.2 billion through fresh issuance of equity shares.

The stock, which ended at at Rs 70.45, was regaining lost ground from its 52-week low of Rs 29.05 made on October 1. This was the third-biggest single-day gain for the stock — it zoomed 33 per cent in early October and 30.7 per cent in mid-February. The investment would be