Stocks

Rana Kapoor, promoter group holdings in Yes Bank falls by over 4.5% in a week

Our Bureau Mumbai | Updated on September 27, 2019 Published on September 27, 2019

Rana Kapoor (file photo)

Yes Capital, Morgan Credits have sold stake

Amid reports that YES Bank co-promoter and co-founder Rana Kapoor is in talks to sell his stake in the private sector lender, his promoter group companies – Morgan Credits Private Ltd and YES Capital – have sold off a large part of their holding in the bank.

YES Capital (India) Private Ltd sold 1.8 per cent stake in YES Bank on Thursday, out of its total holding of 3.26 per cent in the lender as on June 30, 2019.

Similarly, Morgan Credits has sold 2.75 per cent stake in the lender. As on June 30, it had held 3.03 per cent stake in YES Bank.

“I have not sold any of my shares. Two promoter companies – 100 per cent-owned by my three daughters – have sold a part of their shareholding for the sole purposes of deleveraging debt as per the two stock exchange and media announcements,” said Kapoor in response to a text message from BusinessLine, but did not respond to a question on whether he plans to exit YES Bank.

As on June 30, Kapoor and his two promoter companies held 10.6 per cent stake in YES Bank. This has now come down by nearly 4.55 per cent. In separate announcements, YES Capital and Morgan Credits said they sold their stake to prepay the entire balance outstanding non-convertible debentures subscribed by mutual funds.

In the last few weeks, there have been reports that Kapoor is in talks with investors to sell his stake in YES Bank. He has, however, not commented on any such plans.

‘Shares invaluable’

Significantly, in a series of tweets in September last year, he had compared his shares in YES Bank to diamonds, and had said that he would not sell them even after demitting office as his promoter shares are invaluable to him.

YES Bank scrip closed 4.41 per cent lower at ₹48.80 apiece on the BSE on Friday.

 

 

Published on September 27, 2019
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