Yes Bank promoter Rana Kapoor sells 1.8 pct more stake in bank

Last Updated: Fri, Sep 27, 2019 15:47 hrs
Yes Bank

Mumbai (Maharashtra): Yes Capital India Pvt Ltd (YCPL), part of the promoter group of Yes Bank, has sold 1.8 per cent shareholding in the bank.

The proceeds will be utilised to pre-pay entire balance outstanding non-convertible debentures (NCDs) of YCPL subscribed by various schemes of Franklin Templeton (FT) Asset Management India Pvt Ltd.

In September 2017, YCPL headed by Yes Bank Promoter Rana Kapoor had placed rated zero-coupon NCDs amounting to Rs 630 crore with FT. These funds were utilised by YCPL towards growth capital for new-age start-up ventures.

After the latest sale of shares, which was conducted solely to de-leverage YCPL, the promoter group has achieved full and final pre-payment to FT of entire outstanding NCDs well ahead of the scheduled maturity date of October 2020.

Besides, the reduction in total promoter or promoter group ownership in Yes Bank to 13.4 per cent is in full compliance with the Reserve Bank of India's regulatory levels of 15 per cent, YCPL said in a statement.

At 11 am, Yes Bank was trading 2.3 per cent higher at Rs 52.25 per share.