YES Bank has invoked 65 lakh pledged shares of Reliance Infrastructure’s promoter, the company said in a regulatory filing.
YES Bank has invoked 65 lakh pledged shares of Reliance Infrastructure’s promoter, the company said in a regulatory filing. The shares were invoked between November 25 to 28, it also said. Following this, the holding of Reliance Project Ventures and Management Ltd in Reliance Infra has been reduced to 30.05 per cent from 27.58 per cent. Reliance Project Ventures and Management Ltd, one of the promoters of the company held shares, representing 2.57 per cent of the share capital of Reliance Infra. Anil Ambani, holds 6.98 per cent in RInfra.
Earlier this month, Kotak Institutional Securities said in a report that Of the BSE-500 Index, promoters of 110 companies have pledged their holdings with financial institutions and banks as of September 2019, with companies such as Reliance Infrastructure, Gayatri Projects, Future Lifestyle, Reliance Capital and Zee Entertainment Enterprises pledging more than 95 per cent of their holdings.
Meanwhile, in a separate development, YES Bank announced on Friday that it has received $2 billion worth of investment proposals from institutional investors and family offices.“The board of directors, at its meeting today, has taken note that the following investors have individually expressed their agreement /willingness to subscribe to equity shares of the bank for an aggregate amount of $2 billion which shall be undertaken on a preferential allotment basis,” the lender said in a communication to the exchanges. While SPGP Holdings and Erwin Singh Braich have given a binding term sheet of $1.2 billion, Citax Group has offered $500 million. GMR Group, Rekha Jhunjhunwala, and Aditya Birla Family Office are among others to have offered to invest in YES Bank. Of all the investors, Hong Kong-based SPGP Holdings, backed by the Canadian family office of Erwin Singh Braich, EB Family Trust, is the only large investor to have proposed for infusing the entire $1.2 billion.