Industry

Yes Bank tanks as lenders sell pledged shares

Private sector lender tumbles 23%

After tumbling 15% on Monday, Yes Bank shares fell another 23% on Tuesday amid speculation that lenders invoked pledged shares of its promoter Rana Kapoor.

According to bulk deal data, Milestone Trusteeship Services sold 10 crore shares of Yes Bank at ₹35.29 apiece.

According to a separate BSE filing dated July 22, Rana Kapoor, the former MD and CEO of Yes Bank who is also the co-founder, had pledged 10 crore shares with Milestone Trusteeship Services.

According to market participants, shares were also pledged with Reliance Nippon Asset Management Company though this information could not independently verified.

On the BSE, shares of Yes Bank closed at ₹32, down 22.8% from its previous close.

On September 19, Morgan Credits Pvt. Ltd., a part of the promoter group of Yes Bank, had sold 2.3% shareholding in the bank for about ₹340 crore to prepay non-convertible debentures subscribed to by various schemes of Anil Ambani’s Reliance Nippon Life Asset Management Company.

On September 26, Yes Capital (India) Private Ltd. (YCPL), which is part of the promoter group of Yes Bank, had sold 1.8% shareholding in the private sector lender to prepay non-convertible debentures (NCDs) subscribed to by various schemes of Franklin Templeton Asset Management.

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Printable version | Apr 3, 2020 10:39:36 AM | https://www.thehindu.com/business/Industry/yes-bank-tanks-as-lenders-sell-pledged-shares/article29568349.ece

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