Yes Bank Promoter Rana Kapoor, Two Entities Sell 2.16 Per Cent Stake for Rs 510 Crore
Last month, Morgan Credits had sold 2.3 per cent stake in Yes Bank for Rs 337 crore to prepay a certain part of its outstanding dues to Reliance Nippon Life AMC. Shares of Yes Bank were trading at Rs 29.85 apiece, down 27.99 per cent, on the BSE on concerns of financial health of the lender.
New Delhi, October 1: Yes Bank promoter Rana Kapoor and his group entities have sold 2.16 per cent stake worth Rs 510 crore in the lender, according to a regulatory filing. The stake sale was done through open market transaction on September 26-27, it said. As many as 255.03 crore shares of face value Rs 2 each were sold, with Kapoor and his family-owned entities -- Yes Capital (India) Private Ltd and Morgan Credits Private Ltd-- netting Rs 510.06 crore from the stake sale.
After this, Kapoor and his group entities' stake has now come down to 4.72 per cent in the bank. Last week, YES Capital, one of the promoter entities of Yes Bank, sold 1.8 per cent stake in the private sector lender. The stake sale helped the promoter group entity to mop up around Rs 240 crore. Yes Bank Shares Tumble 15% to Close at 10-Year Low, Banking Sector Emerges Worst Performer as Sensex Ends 155 Points Down.
YES Capital said the proceeds would go to Franklin Templeton Asset Management, with whom its shareholding of YES Bank was pledged. Last month, Morgan Credits had sold 2.3 per cent stake in Yes Bank for Rs 337 crore to prepay a certain part of its outstanding dues to Reliance Nippon Life AMC. Shares of Yes Bank were trading at Rs 29.85 apiece, down 27.99 per cent, on the BSE on concerns of financial health of the lender.