INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of YES Bank declined 4 per cent in early trade on Tuesday after promoter Rana Kapoor pledged 10 crore shares, accounting
for 4.31 per cent of the total share capital, as security to the holders of debentures issued by Morgan Credits (MCPL), a promoter group
entity.
Morgan Credits itself pledged 7.02 crore shares of YES Bank, accounting for 3.03 per cent of the total share capital
The stock tanked 3.46 per cent in morning trade to Rs 88 level at around 9.25 am (IST), while the benchmark BSE Sensex traded 61 points, or
0.16 per cent, down at 37969
Later, the scrip recovered to trade 1.70 per cent higher at Rs 92.70 apiece on BSE at 10.20 am
The two promoters pledged a 7.34 per cent holdings in favour of Milestone Trustship Services, the debenture trustee, for the benefit of the
holders of debentures issued by MCPL, YES Bank said in a BSE filing
pledgors, as defined in regulations 2(1)(q)(1) of the Sebi (SAST) Regulations and hence excluded from the disclosure
As of June 30, 2019, Rana Kapoor held 4.31 per cent stake, or 10 crore shares, in YES Bank, while Madhu Kapoor held 7.56 per cent
and subsequently to their children
Kapoor said his daughters' firm had unsecured borrowings and he offered his own shares as security