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    YES Bank to reclassify shareholding as Madhu Kapur camp agrees to be non-promoter group

    Synopsis

    Madhu Kapur Group has consented to reclassify their shareholding in the Bank as 'non-promoter shareholders'

    As on March 31, 2020, Madhu Kapur held 1.12 per cent in YES Bank, while Mags Finvest had 0.30 per cent.

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    NEW DELHI: YES Bank on Saturday said there will be reclassification of shareholding as the Madhu Kapur group has consented to be categorised as public stake holders.

    This is to inform that the Bank has received a letter dated May 28, 2020 (received on May 29, 2020) from Madhu Ashok Kapur; Shagun Kapur Gogia; Gaurav Ashok Kapur; and Mags Finvest Private Limited (collectively referred to as Madhu Kapur Group) consenting to reclassify their shareholding in the Bank as 'non-promoter shareholders' (i.e. public shareholders), YES Bank said in a regulatory filing.

    "The Bank would take further necessary action to give effect to this," it added.

    YES Bank was co-founded by Rana Kapoor along with Madhu Kapur's late husband Ashok Kapur as a new age private sector bank in 2004.

    The Kapoor's and Kapur's are related family wise as Rana and Ashok's wives are sisters.

    Following ouster of Rana Kapoor, who is in police custody on alleged charges of corruptions and financial mismanagement among others, YES Bank is now led by State Bank of India alongside several private sector lenders.

    As on March 31, 2020, Madhu Kapur held 1.12 per cent in YES Bank, while Mags Finvest had 0.30 per cent, according to data on the BSE.


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    3 Comments on this Story

    Solomon Coutinho43 days ago
    These scamsters family members still hold shares while RBI in connivance with government has wrote off AT1 bonds of investors to ZERO... This is the future of India....
    Sreenivasa Rao43 days ago
    It's a good development, and restores some sense as her husband was the key promoter, and was sadly lost to Kasab and company's acts. She has consistently opposed Rana Kapoor's ways of doing business that has finally ruined an upcoming bank.
    Srinivasan Vedantam43 days ago
    What way it benefits stake holders such as depositors, bond holders, and minority shareholders
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