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Co-Founder Rana Kapoor And Family Now Hold No Stake In Yes Bank
Yes Bank's stock exchange filing on shareholding status as of 31 December 2019 showed that co-founder and co-promoter Rana Kapoor and his family (through firms Yes Capital (India) Pvt Ltd and Morgan Credits Pvt Ltd) have exited their stake in the private lender.
A stock exchange filing on Thursday titled "Shareholding for the Period Ended December 31, 2019" showed that their stake in the bank was "nil," which would mean losing all control and voting rights.
At the end of September, Yes Capital, Morgan Credits and Kapoor had a total stake of 4.92 percent after gradually offloading most of their equity in the bank.
In fact, constant volatility in the stock and uncertainty over the bank's find raising plans have caused several large investors to leave.
In the last year, Kotak Mutual Fund, SBI Mutual Fund, Franklin Templeton Mutual Fund and WF Asian Smaller Companies Fund Ltd have entirely sold their stakes in Yes Bank.
At least 265 foreign portfolio investors exited the bank in the last quarter, reducing its total FPIs base to 238.
