YES Bank founder and promoter Rana Kapoor is in talks with fintech major Paytm on a possible sale of his stake in the private sector lender.
Kapoor is understood to have initiated discussions with Paytm founder Vijay Shekhar Sharma, founder and CEO of One97 and Paytm, to sell his stake. However, any such transaction will require the approval of the Reserve Bank of India.
But talks are at an initial stage, and there have been no discussions with the RBI on the issue. The exact contours of the deal are yet to be finalised.
Sharma already has interests in Paytm Payments Bank, where he is also the chairman, and it is unclear how the RBI will view such a transaction. Rana Kapoor declined to comment on the issue.
There was no response from YES Bank and Paytm till the time of going to press. Rana Kapoor holds a 9.64 per cent stake in YES Bank, directly and through YES Capital (India) Pvt Ltd and Morgan Credit Pvt Ltd.
The YES Bank scrip closed at ₹63.10 apiece on the BSE on Monday.