Yes Bank share price gains 4% after Madhu Kapur group steps down as promoters

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Published: June 1, 2020 1:43 PM

The Madhu Kapur group agreed to give up their status as Yes Bank promoters and reclassify their shareholding in the bank as non-promoter shareholders or public shareholders, Yes Bank said in a BSE filing on Saturday. 

yes bank, yes bank share priceAround 1.15 PM, Yes Bank shares were trading at Rs 27.25, with a gain of 1.30 per cent as compared to a 3.60 per cent rise in S&P BSE Sensex

Yes Bank share price gained 4.2 per cent to Rs 28 apiece on BSE in Monday’s strong trade as the bank informed the bourses about the reclassification of shareholding after Madhu Kapur group has consented to be categorised as public stakeholders. From it’s March low of Rs 5.55, the stock has skyrocketed over 400 per cent. The Madhu Kapur group which includes Madhu Ashok Kapur, Shagun Kapur Gogia Gaurav Ashok Kapur and Mags Finvest Private Limited, agreed to give up their status as Yes Bank promoters and reclassify their shareholding in the bank as non-promoter shareholders or public shareholders, Yes Bank said in a BSE filing on Saturday. 

Around 1.15 PM, Yes Bank shares were trading at Rs 27.25, with a gain of 1.30 per cent as compared to a 3.60 per cent rise in S&P BSE Sensex. The stock opened at Rs 27.75 and touched an intraday high and low of Rs 28 and Rs 27, respectively, in the session so far. The stock quoted a 52-week high of Rs 157 in May 2019. From May 29, the private lender will not be available for trading in Futures & Options (F&O) segment. Yes Bank co-founder Rana Kapoor is in police custody on the alleged charges of corruption and financial mismanagement.

Yes Bank was bailed out by the State Bank of India-led equity consortium formed with six other lenders with a capital infusion of Rs 10,000 crore. Besides, a private lender on Sunday announced to restructure the salaries for the senior leadership team under which 30 per cent of the total cost to company (CTC) will be moved to the variable pay category for the financial year 2020-21, according to a PTI report. 

In another development, Yes Bank informed in BSE filing that the private lender has acquired a 24.19 per cent stake Dish TV India by invoking pledged shares. Dish TV had kept 44.53 per cent 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 per cent of the post-issue paid-up share capital as at March 31, 2020, of a listed company, namely, Dish TV India Limited,” the lender said in a release.

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