Shares of Yes Bank tanked more than 4 per cent after two of its promoters - Rana Kapoor and Morgan Credits pledged their entire shareholding in favour of Milestone Trusteeship Services Private Limited, the debenture trustee, for the benefit of holders of debentures issued by MCPL.
Shares of Yes Bank tanked more than 4 per cent after two of its promoters pledged their entire shareholding. However, the shares recovered later and are trading in green now. At 11:35 AM, on BSE, the shares of Yes Bank were seen trading at Rs 91.75 per share, up 0.66 per cent against the last close of 91.15 per share, while on NSE, the shares were seen trading at Rs 91.70 per share, up 0.60 per cent from the previous close. According to the exchange filing, Rana Kapoor and Morgan Credits pledged their entire shareholding in favour of Milestone Trusteeship Services Private Limited, the debenture trustee, for the benefit of holders of debentures issued by MCPL.
While Rana Kapoor holds 4.31 per cent stake in Yes Bank, Morgan Credits has 3.03 per cent stake in the bank. The pledge was created between Jul 18-22, according to the BSE filing. Morgan Credits, one of the promoters of Yes Bank is owned by his daughters Radha Khanna, Raakhe Tandon and Roshini Kapoor. Morgan Credits noted that while promoters of Yes Bank also include Mags Finvest and Madhu Kapur, these entities/persons are not ‘persons acting in concert’ with the pledgors as defined in Regulations 2(1)q(1) of the SEBI (SAST) Regulations and hence excluded from the disclosure.
According to the BSE data, as on Jun 30, the total promoter shareholding stood at 19.78 per cent, out of which Rana Kapoor and his wife Madhu Kapoor held 11.87 per cent in Yes bank. Rana Kapoor offered to pledge personal stake to support the entrepreneurial journey of his daughters, media reports said. On Sep 28, Rana Kapoor had tweeted that he would eventually bequeath his promoter shares to his three daughters and subsequently to their children, with a request in his Will stating not to sell a single share, as “Diamonds are Forever!!”.
- This story was updated to correct the attribution in the first and second paragraphs.