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Rana Kapoor, promoter entities sell 2.75% in YES Bank

Promoter group companies of YES Bank along with co-founder Rana Kapoor have sold a combined 2.75 per cent stake in the lender through the open market. YES Capital (India) Pvt Ltd, Morgan Credits Pvt Ltd and Rana Kapoor have sold a combined 2.75 per cent in YES Bank through open market process, Morgan Credits said in a regulatory filing on Saturday.

The combined entities held 9.64 per cent holding in the bank which now stands at 6.89 per cent.

The release of shares took place between September 18 to 20, 2019, the filing said.

The stake sale comes in the wake of news reports that Kapoor and the promoter group companies are looking to exit Yes Bank.

Sources said digital payments major Paytm is in discussions to buy stake in Yes Bank from Kapoor.

In a filing to BSE on Friday, the bank had said the recent stake sale was effected purely to deleverage the debt of this entity.

“The board of directors of YES Bank would like to state that the financial position of the bank is sound & stable, its operating performance continues to be robust and its growth plans stay firmly on track,” it said.

Source: Economic Times