Rana Kapoor Sells All But 900 Shares Of Yes Bank
Rana Kapoor sells 2.04 crore shares of Yes Bank or 0.80 percent of the bank’s share capital.
Yes Bank Ltd.’s Co-Founder Rana Kapoor and promoter entities Yes Capital and Morgan Credits Pvt Ltd. now own only 900 shares of the private lender.
Kapoor sold 2.04 crore shares of Yes Bank or 0.80 percent of the bank’s share capital, which was effectively the promoter’s remaining stake in the lender. The shares were sold on Nov. 13 and 14, the bank said in an exchange filing dated Nov. 15, which was released today.
In October, nearly a year after the Reserve Bank of India asked him to step down as the head of Yes Bank, Kapoor’s stake in the private lender had fallen to below 1 percent after he sold 10 crore equity shares, or 3.92 percent of the bank’s share capital. The shares pledged by Morgan Credits were sold by an asset management firm without his consent. With that sale, any control Kapoor had over the bank virtually ended.
Kapoor had founded Yes Bank in 2003, along with Ashok Kapur and Harkirat Singh, with a capital base of Rs 200 crore after the trio sold their combined 25 percent in Dutch lender Rabobank’s Indian arm they had set up.