The pledges were created last Thursday and Monday, in favour of Milestone Trusteeship Services, the debenture trustee, for the benefit of the holders of debentures issued by Morgan Credits, the statement said. (File Photo)
Mumbai: Yes Bank's promoter Rana Kapoor, whose term as the managing director and chief executive was cut short by RBI, has pledged 10 crore shares in the private sector lender worth over Rs 900 crore.
Morgan Credits Private Ltd, an entity linked to his family, has also pledged its 7.02 crore shares in the bank, an intimation to the exchanges said.
Collectively, the stake pledged by both the entities stood at 7.34 per cent which is valued at Rs 1,543 crore as on Tuesday's closing price on the BSE.
The purpose of the pledge, which comes at a time when a host of promoters are struggling to get out of tricky situations created due to pledging, was not immediately known.
In the past, Kapoor has compared his holding in the bank to invaluable diamonds, and made it clear that he has no intentions of selling the same.
Kapoor, who had to demit office as the executive head of the bank in January this year following a slew of concerns noticed by RBI including those on governance and management, had said that the shares will be passed on to his three
The pledges were created last Thursday and Monday, in favour of Milestone Trusteeship Services, the debenture trustee, for the benefit of the holders of debentures issued by Morgan Credits, the statement said.
The disclosure led to a heavy 4 per cent fall in the share price of Yes Bank in the morning trade, and the scrip eventually recovered to close with a 0.49 per cent correction at Rs 90.70 a piece on the BSE in sync with the 0.13 per cent dip in the benchmarks.