INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of YES Bank recovered after tumbling 5 per cent in Friday’s trade as YES Capital cut its shareholding in the bank by
1.80 per cent to prepay Rs 630 crore borrowed from Franklin Templeton Asset Management through non-convertible debentures (NCDs).
YES
Capital is a holding company controlled by Yes Bank co-founder Rana Kapoor.
The shares of the lender were trading 1.96 per cent higher at Rs
52.05 on BSE.
In a filing to BSE, the private lender said that the proceeds of the share sale will be utilised to prepay the entire balance
outstanding on NCDs of YES Capital subscribed by various schemes of Franklin Templeton Asset Management.
Data from NSE showed that YES
Capital had sold 2.74 crore Yes Bank shares at Rs 52.19 a piece, generating more than Rs 143 crore.
The latest sale reduced the total
promoter holding in Yes Bank to 13.4 per cent and cuts the Rana Kapoor group’s stake to 5.60 per cent from 7.40 per cent last week.
“The
reduction in total promoter or promoter group ownership in YES Bank to 13.4 per cent in full compliance with RBI’s regulatory levels of 15
per cent,” the statement read.
This is the second time within a week that a Rana Kapoor holding company has sold shares to prepay its NCDs
Last week another holding company Morgan Credits Pvt Ltd (MCPL), sold 2.3 per cent stake in the bank to prepay NCDs to Reliance Nippon AMC.