FE had earlier reported that Rana Kapoor will soon seek the Reserve Bank of India’s approval to sell his stake in Yes Bank to Canadian asset manager Brookfield.
Yes Capital (India) (YCPL), part of the promoter group of Yes Bank, on Thursday sold a 1.8% stake in the bank. The proceeds from the sale will be used to prepay the entire amount outstanding on non-convertible debentures (NCDs) of YCPL held by various schemes of Franklin Templeton Asset Management (India), YCPL said in a statement.
YCPL had in September 2017 placed rated, zero-coupon NCDs worth Rs 630 crore with Franklin Templeton. These funds were used by YCPL as growth capital for new-age start-up ventures.
“Pursuant to the above sale of shares, which was conducted solely to de-leverage YCPL, the Promoter Group has achieved the following highly significant and positive outcomes: Full and final prepayment to FT (Franklin Templeton) of entire outstanding NCDs well ahead of the scheduled maturity date of October 2020 (and) reduction in total promoter/promoter group ownership in YBL (Yes Bank) to 13.4% in full compliance with RBI’s regulatory levels of 15.0%,” YCPL said in the statement.
FE had earlier reported that Rana Kapoor will soon seek the Reserve Bank of India’s approval to sell his stake in Yes Bank to Canadian asset manager Brookfield. The move to exit Yes Bank stems from the Kapoor family’s decision to protect other unlisted entities such as the Delhi Dabang Kabaddi Club, Awfis Solutions and Art Housing Finance.