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Rana Kapoor sells 2.3% stake in YES Bank

Rana Kapoor family's stake in YES Bank now stands at 7.3 per cent.

ETMarkets.com|
Updated: Sep 19, 2019, 09.25 PM IST
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Morgan Credits said the proceeds will be used to prepay portion of outstanding non-convertible debentures (NCDs) of MCPL.
NEW DELHI: Morgan Credits (MCPL), part of the promoter group of YES Bank on Thursday sold 2.3 per cent in the lender. The ownership of the promoter group in the lender has gone down to 15.7 per cent compared with 18 per cent earlier.

Rana Kapoor family's stake in YES Bank now stands at 7.4 per cent.

Morgan Credits said the proceeds will be used to prepay portion of outstanding non-convertible debentures (NCDs) of MCPL subscribed by various schemes of Reliance Nippon Life Asset Management Company (RNAM).

The promoter company in April 2018 had placed NCDs worth Rs 1,160 crore with RNAM.

With the share sale, the promoter group of YES Bank prepaid NCDs worth Rs 722 crore till date, ahead of maturity date of April 2021.

“With the sole intention of reducing debt of the promoter holding company – MCPL, owned by my three daughters, it was decided to bring down our family ownership in YES Bank to 7.4 per cent,” said YES Bank founder Rana Kapoor.

Earlier in the day, shares of YES Bank tanked 16 per cent after Moody’s said Altico Capital’s default was credit negative for the banks with significant exposure to the real estate sector.

Also Read

Rana Kapoor's man Friday Rajat Monga quits Yes Bank

YES Bank drops 5% as Rana Kapoor's YES Capital cuts stake

Another Rana Kapoor company sells 1.8% in YES Bank

Rana Kapoor-owned Morgan Credits pays Rs 792 crore to RNAM

Rana Kapoor, promoter entities sell 2.75% in YES Bank

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