Madhu Kapur Group Gives Up Promoter Shareholding In Yes Bank

Madhu Kapur Group Gives Up Promoter Shareholding In Yes Bank

Madhu Kapur group has given up promoter status in Yes Bank

Private lender Yes Bank on Saturday notified a reclassification in its shareholding pattern after the Madhu Kapur group agreed to give up their status as Yes Bank promoters and to be categorised as non-promoter or public shareholders. In a filing to the exchanges, Yes Bank made the disclosure, late on Saturday. The filing mentions Madhu Ashok Kapur, Shagun Kapur Gogia, Gaurav Ashok Kapur and Mags Finvest Private Limited, as the entities giving up their promoter status. “The Bank would take further necessary action to give effect to the above,” the filing also stated.

According to BSE data, as on March 31, 2020, Ms Madhu Kapur held 1.12 per cent stake in Yes Bank while Mags Finvest Private Limited held 0.30 per cent. 

The move by Kapur family comes almost three months after a State Bank of India-led equity consortium (formed with six other lenders) bailed out Yes Bank through a Rs 10,000 crore capital infusion at the government’s behest, which resulted in a majority stake going to SBI (48.21 per cent) and other financial institutions, including a number of private banks.

Yes Bank was co-founded by Rana Kapoor along with Ms Kapur’s late husband Ashok Kapur in 2004. The Kapoor and Kapur families are related.

Mr Kapoor and his family members are currently under the custody of Enforcement Directorate (ED), following alleged charges of corruption and financial mismanagement among others, which also led to his ouster from Yes Bank’s board.

On Friday, the Yes Bank shares were priced at Rs 26.85 apiece after the stock hit the lower circuit in intra-day trade, declining by more than half a percent.

 

n_b

Leave a Comment