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1-min read

Yes Bank Recovers After Falling 4% as Rana Kapoor Pledges Entire Stake

A stock exchange notification showed that Rana Kapoor has pledged his entire holding of 4.3% and Morgan Credits pledged its entire holding of 3.03%.

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Updated:July 23, 2019, 2:49 PM IST
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Yes Bank Recovers After Falling 4% as Rana Kapoor Pledges Entire Stake
Image for representation. (Photo: Reuters)
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Yes Bank’s promoters informed the stock exchanges on Tuesday that Rana Kapoor and Morgan Credits Pvt. Ltd have pledged their entire stake amounting to 7.34% of total share capital of the bank. After the announcement, the stock dropped 4.4% in intraday session.

At the end of June 2019, promoter shareholding in Yes Bank stood at 19.78%, of which Rana Kapoor and his wife held 11.88%. Morgan Credits is another holding company owned by Rana Kapoor’s daughters Radha Khanna, Raakhe Tandon and Roshini Kapoor.

A stock exchange notification showed that Rana Kapoor has pledged his entire holding of 4.3% and Morgan Credits pledged its entire holding of 3.03%.

They created a pledge in favour of Milestone Trusteeship Services Pvt. Ltd, the debenture trustee, for the benefit of holders of debentures issued by Morgan Credits.

The notification noted that while Mags Finvest and Madhu Kapur are also the promoters of the bank, they are not ‘persons acting in concert’ with the pledgors, as defined in regulations 2(1)(q)(1) of the Sebi (SAST) Regulations, and hence excluded from the disclosure.

ET NOW quoted Rana Kapoor as saying that the pledge was made as a security for daughters’ ventures. Kapoor said his daughters’ firm had unsecured borrowings and he offered his own shares as security. “I have pledged own shares in holding company for daughters’ entrepreneurial efforts,” said Kapoor.

Rana Kapoor, in a series of tweets in September last year had said he would “eventually bequeath” his promoter shares to his three daughters and subsequently to their children.

At 2:36 pm, shares of Yes Bank were trading at Rs 89.70, down 1.6%, on BSE.

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| Edited by: Ahona Sengupta
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