Shares of Yes Bank continued to tumble after contracting to a 6-year low in Thursday's session. The shares hit an intra-day low of Rs. 48.50, down almost 5% from its previous close of Rs. 51.05 on the BSE.
There are two developments in the case of the private lender, one that the bank is seeking the apex bank's approval for fundraising. Secondly, Rana Kapoor's stake in the bank i.e through Yes Capital (India) Pvt. Ltd. has been reduced by 4.57% in a week's time. As per the exchange filing with the bourses, the family business of Rana Kapoor has sold its promoter group stake which is a value at Rs. 241.52. The buyer in the deal is however not made known.
The proceeds from the stake sale are to be used for pre-paying its total balance outstanding in respect of Yes Capital NCDs which are subscribed by the different schemes of Franklin Templeton Asset Management (India) Pvt. Ltd. Yes Capital had, on September 2017, placed rated, zero-coupon NCDs worth ₹630 crore with Franklin Templeton. The NCDs were scheduled to mature in October 2020.