rivate lender Yes Bank has disclosed to exchanges that it has acquired a 24.19% stake in direct-to-home service (DTH) provider Dish TV India by invoking pledges shares.
Private lender Yes Bank has disclosed to exchanges that it has acquired a 24.19% stake in direct-to-home service (DTH) provider Dish TV India by invoking pledges shares. Dish TV had kept 44.53% equity as collateral with the lender against loans. “Yes Bank has acquired 44,53,48,990 equity shares having nominal value of Rs 1 per share, constituting approximately 24.19%…,” the lender said in a release.
Yes Bank said the invocation was due to default or breach of terms of credit facilities sanctioned by the bank to the companies belonging to Subhash Chandra led-Essel Group. The companies were Essel Business Excellence Services, Essel Corporate Resources, Living Entertainment Enterprises, Last Mile Online, Pan India Network Infravest, RPW Projects, Mumbai WTR and Pan India Infraprojects, as per a regulatory filing by the lender.
Dish TV promoters owned 54.56% stake in the company, of which over 93% was pledged with the lenders as on March 31. Post invocation of pledge, promoters might be left with less than 30% stake in Dish TV. The promoters of Dish TV were said to be in talks with investors for a stake sale.
In another stock exchange filing, Yes Bank said there will be reclassification of shareholding as the Madhu Kapur group has consented to be categorised as public stake holders.
“The bank has received a letter dated May 28, 2020 (received on May 29, 2020) from Madhu Ashok Kapur, Shagun Kapur Gogia, Gaurav Ashok Kapur and Mags Finvest Private Limited (collectively referred to as Madhu Kapur Group), consenting to reclassify their shareholding in the Bank as ‘non-promoter shareholders’,” Yes Bank said in a regulatory filing.”The bank would take further necessary action to give effect to this,” it added.
As on March 31, 2020, Madhu Kapur held 1.12% in Yes Bank. Yes Bank was founded by Rana Kapoor along with Madhu Kapur’s late husband Ashok Kapur in 2004.