Rana Kapoor sold more stake in Yes Bank Ltd. to repay debt of his privately held firm, bringing down the family’s ownership in the private lender he co-founded.
Yes Capital (India) Pvt. Ltd. on Thursday sold a 1.82 percent stake in the bank for Rs 241.52 crore, according to a statement. The firm sold 4.65 crore shares at Rs 51.94 apiece, according to the bulk deals data on the National Stock Exchange’s website. It now holds 1.15 percent in the private lender. According to BloombergQuint calculations, Kapoor family’s holding in the Yes Bank now stands at 5.58 percent.
The stake sale, which the company said was to prepay outstanding non-convertible debentures subscribed by Franklin Templeton Asset Management (India) Pvt. Ltd., comes a week after Kapoor, through his Morgan Credits Pvt. Ltd., offloaded a 2.3 percent stake in the bank to pare debt taken on by his private business entities.
The promoter stake in Yes Bank—held by both Rana Kapoor and Madhu Kapur families—has come down to 13.4 percent, the company said, adding that it’s in “full compliance with RBI’s regulatory levels of 15 percent”.
In September 2017, Yes Capital had raised Rs 630 crore from Franklin Templeton through rated, zero-coupon NCDs, the statement said. The funds, it said, were used as growth capital for “new-age startup ventures”.
Yes Bank’s shares closed 4.93 percent lower at Rs 51.05 on the NSE compared with 1.15 percent rise in Nifty 50. The lender’s shares have lost 72 percent value since the beginning of the year on account of deterioration in asset quality and rating downgrades.
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