Private sector Yes Bank today said Rabobank’s sale of 11 per cent stake in it is a good development as the move would lead to widespread holding and higher trading volume in its shares.
“It is positive that our shares will now have a greater volume and momentum. A more widespread shareholding augurs well for our existing and future shareholders,” Yes Bank managing director and chief executive officer Rana Kapoor told PTI here.
While Kapoor refused to name the financial institutions which have bought the shares from the Netherlands-based Rabobank, it is understood that some big names such as LIC, SBI Life, Templeton and French asset manager Carmignac, are among them.
Describing Rabobank as a valuable investor, Kapoor said.
“We have assimilated Rabo’s strengths and indigenised them for the domestic market.”
Earlier in the day, Rabobank sold 11 per cent stake in Yes Bank to a clutch of domestic and foreign institutions, thereby reducing its stake in the private sector bank to 4.9 per cent from 15.9 per cent. The move follows the Netherlands-based financial giant’s plans to start its own banking operations in the country and in line with existing regulations; it has brought down its holding in Yes Bank to below 5 per cent.
On Rabo’s plan to enter the domestic banking space, Kapoor said, as and when it happens, it will be good for the system. “They (Rabobank) will be focusing on their global specialisations which are clean energy, food and agriculture.
They will bring in expertise in these areas and that will be good for the system,” the Yes Bank chief said. PTI