YES Bank shares will remain in focus on Monday after the private lender said that it has received Rs 366 crore from a single trust in the security receipts portfolio.
Besides, the lender has said that it has received a demand notice from the Income Tax (I-T) department.
“This is with reference to our earlier disclosure pertaining to Sale of NPA Portfolio to JC Flower ARC on December 17, 2022. In this regard, the Bank would like to inform that it has received of Rs 366 crore from a single trust in the Security Receipts Portfolio,” said YES Bank in an exchange filing on Saturday, March 30, 2024.
“Since the amount (in excess of the underlying carrying value of the trust), is more than the materiality threshold as prescribed under the amended Listing Regulations, the said event, is being hereby disclosed under Regulations 30 of Listing Regulations,” the filing added.
In a separate filing on Thursday, March 28, 2024, YES Bank said that it has received a demand notice amounting to Rs 112.81 crore from the National Faceless Assessment Unit, Income-tax department. However, YES Bank also said that there shall be no expected financial implications, if any, due to compensation, penalty etc.
The notice pertains to raising of an additional demand for tax liability (including interest) on various income-tax disallowances, amounting to Rs. 112.81 crore, said the lender. “The aforesaid income-tax demand has arisen in accordance with Section 147 read with Section 144B of the Income-tax Act, 1961,” it added.
YES Bank shares settled at Rs 23.20 on Thursday, up 0.30 per cent. The private lender commanded a total market capitalisation of about Rs 66,750 crore. YES Bank shares delivered a return of 50 per cent in the financial year 2023-24.
