Mumbai: Private lender YES Bank ’s shares have nearly doubled since they hit a decade-low in early October on talks of fundraising, and analysts say the future of the stock hinges on the developments and progress on the same.Private sector lender YES Bank on Thursday said it received a binding offer for a stake purchase in the bank from a global investor. The bank has now recovered more than 150 per cent from its 52-week low of Rs 29.05, hit on October 1.On October 1, YES Bank shares touched an intra-day low Rs 29.05 on the BSE, the level last seen on August 7, 2009. Since then they have jumped 96 per cent to close at Rs 56.80 on Wednesday.“A lot of the selling pressure that had come seems to be over,” said Gaurav Dua, Senior Vice-President and Head of Capital Market Strategy & Investments at Sharekhan.“The future of the bank would depend on its ability to raise fresh equity capital at a reasonable price, that would allow it legroom to grow,” added Dua.Others shared the view.“The medium term trajectory of the stock will primarily be dependent on the ability of the management to raise an adequate amount of capital, which the bank would sorely need to beef up any likely increase in provisioning due to any likely further deterioration in its corporate book,” said Ajay Bodke, CEO-PMS at brokerage firm Prabhudas Lilladher.“The medium term growth imperatives would also compel the management in not delaying the capital raising plan,” added Bodke.On October 3, YES Bank’s Chief Executive Officer, Ravneet Gill said he expects to complete raising as much as $1.2 billion “much sooner than the market expects," Bloomberg had reported.Gill reiterated that his target of selling $1-1.2 billion of new shares to private equity investors, technology companies and family offices. He had declined to be more specific on the timing for completing a deal.Media reports meanwhile have been abuzz with various names for likely strategic investors. These included Microsoft PayTM , industrialists Sunil Mittal and Sunil Munjal.An email sent to YES Bank seeking details on the timeline or progress of the fundraising plan was not replied to.At present, Yes Bank has three ‘strong buy’, three ‘buy’, 13 ‘hold’, 9 ‘sell’ and 9 ‘strong sell’ ratings, Reuters Eikon data showed.The company is slated to announce its September quarter earnings on November 1.Kotak Institutional Equities expects YES Bank’s outstanding loans and deposits to decline by around 7 per cent each year-on-year (YoY). There is likely to be an increase in pressure on net interest margins, the brokerage said. It expects asset quality ratios to see further deterioration, due to lumpy corporate exposure.“Commentary from the management on capital raising, progress of 'below investment grade' and deposit profile would be key monitorables,” Kotak said in a note on October 4.In the March quarter, YES Bank had reported a massive quarterly loss, amplified by provisions against bad loans to an infrastructure conglomerate and an airline, as the lender’s first non-founder CEO Ravneet Gill began a cleanup act in right earnest.Prior to that, the bottomline of YES Bank had increased over 35 per cent annually during FY2008-2018.In the June quarter, YES Bank’s profit plunged 91 per cent on a yearly basis to Rs 113.80 crore, dented by one-off impact from mark to market provisions of Rs 1,109 crore.Meanwhile, the bank has seen the addition of 7.56 lakh new retail buyers over the past year, with the September quarter alone adding more than a third to the total, as institutions preferred to exit.