Mumbai: Troubled private sector lender Yes Bank on Tuesday said it has recovered Rs 645 crore by selling its 6.77 percent in Fortis Healthcare.
The bank did not reveal the buyer of the shares which were sold through bulk deals executed over a period of time. The bank had an exposure to the Singh brothers Brothers-owned Religare Enterprises which runs the hospital chain.
Both the brothers are behind the bars since last week after the Enforcement Directorate arrested for fraud. "Yes Bank has recovered Rs 645 crore of its Religare exposure through sale of a 6.77 percent block of Fortis Healthcare shares," the bank said in a statement.
At one point in time, Yes Bank's holding of Fortis had stood at 17 percent and the lender has been selling the same since the crisis engulfed the Religare group after the promoter brothers began to fight for control.
The Singh brothers had pledged shares of the company to borrow, which had to be invoked by a consortium of lenders, leading to the holding of hospital chain's shares by the bank.
The announcement gave a fillip to the bank's scrip, which has been under tremendous pressure since the beginning of the year, with the share price closing 1.50 per cent to Rs 40.60 on the BSE as against a 0.76 percent rally on the benchmark, while the Fortis scrip closed 4.33 percent up at Rs 136.20.