Madhu Kapur, member of the family that co-founded Yes Bank Ltd., sold shares worth Rs 161 crore in the beleaguered private lender that has seen its shares surge on the back of a rescue by a clutch of lenders under a plan prepared by India's banking regulator.
Kapur sold 2.48 crore shares at Rs 65.07 apiece on Wednesday, according to bulk deals reported by the NSE. Kapur is wife of the late Ashok Kapur, who founded the private lender along with Rana Kapoor in 2004. Her holding in the bank has now fallen from 17.28 crore (1.38 percent stake) shares to 14.80 crore shares (1.18 percent).
Kapur sold her stake at Rs 65.07 per share—a premium of nearly 5.8 percent to the scrip's Wednesday closing price of Rs 61.05. Yes Bank's shares have surged nearly fourfold since the RBI placed it under a moratorium, which paved the way for its bailout.
The private lender is undergoing a restructuring scheme, in which the government would lock-in 75 percent of its shareholding for three years.
Following today's sale, Kapur would have to place nearly 12.95 crore shares in her stake under lock-in and would still have the option to sell another 1.84 crore shares, according to BloombergQuint's calculations.
In a separate exchange filing, the bank said that Madhu Kapur has invoked pledge of 25,00,000 shares on March 6 in favour of HSBC Direct Financial Services. She would have 30,00,00 shares encumbered following the transaction, the filing said.
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