Rana Kapoor says no to Yes Bank shares

After having famously said that he will never sell Yes Bank shares, its founder Rana Kapoor has reduced his stake to nil and offloaded the entire stake.

Kapoor and his family-run firms - Yes Capital (India) Pvt Ltd and Morgan Credits Pvt Ltd - have completely exited the bank and reduced their stake in the institution to nil. In the process, Kapoor has lost all control and voting rights in the bank.

Kapoor had once famously said that Yes Bank shares are like diamonds and he would never sell them but instead pass them on to his daughters.

Yes Bank on Thursday revealed in a stock exchange filing that Kapoor's entire 3.92 per cent stake and Yes Capital's 0.8 per cent stake have become nil at the end of December.

As a result, consequently, the public holding in Yes Bank has gone up from 86.95 per cent at the end of September to 91.67 per cent now.

After selling almost the entire promoter group stakes of Kapoor's family-run firms during September, Yes Capital (India) and Morgan Credits, Kapoor had a stake of 3.92 per cent and Yes Capital had 0.8 per cent in Yes Bank at the end of September.

Kapoor, in his personal capacity, had partly sold his direct stake between August and October, primarily to repay the debts taken by his promoter group firms in the form of non-convertible debentures.

However, due to constant pressure on the bank's stock and uncertainty over the bank's fund-raising plans, several marquee investors have dumped Yes Bank shares during the December quarter, according to stock exchange data.

( With inputs from IANS )