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Private sector lender YES Bank, on Friday, stressed that it is in sound financial health after the announcement of stake sale in the lender by promoter group firm Morgan Credits Pvt Ltd.
“The board of directors of YES Bank would like to state that the financial position of the bank is sound and stable, its operating performance continues to be robust, and its growth plans stay firmly on track,” the private sector lender said in a statement.
“One of the promoter entities of YES Bank sold a part of its stake yesterday. This sale was effected purely to deleverage the debt of this entity,” it further stated. The YES Bank scrip ended the day with a gain of 1.3 per cent at ₹55.45 apiece on the BSE, but had closed over 15 per cent lower on Thursday.
MCPL, a company owned by the three daughters of YES Bank co-founder and promoter Rana Kapoor, said it had sold a 2.3 per cent stake in YES Bank to “prepay substantial portion of outstanding non-convertible debentures (NCDs) of MCPL subscribed by various schemes of Reliance Nippon Life Asset Management Company”.
As on June 30, 2019, MCPL had held a 3.03 per cent stake in the lender.
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