New Delhi: Yes Bank’s Rana Kapoor is in talks with Paytm to sell his stake in the bank he co-founded, according to media reports.
Kapoor offered to sell his stake in the bank as well as that of his family members for Rs 1,800-2,000 crore to Vijay Shekhar Sharma, the founder and CEO of the Noida-based mobile payments startup backed by Japan’s Softbank, sources said, reported Moneycontrol.
Kapoor’s family owns stakes in Yes Bank directly and through investment firms Yes Capital and Morgan Credits. His daughters Rakhee, Roshni and Radha are directors of the investment companies, Moneycontrol report said.
Kapoor, 62, his family members, and the investment firms they control own a 9.64 percent stake in Yes Bank.
Kapoor has pledged 10 crore shares in the private sector lender worth over Rs 900 crore with Reliance Nippon Life Asset Management Ltd (RNAM), asset manager of Reliance Mutual Fund (MF), according to Mint.
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 percent.
The pledges were created in early June 2019, 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 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, a PTI report said.
On 9 September, Yes Bank’s shares closed 4.5 percent higher at Rs 63.10 on the National Stock Exchange (NSE). The benchmark Nifty index rose by 0.52 percent and the Bank Nifty index, of which Yes Bank is a part, closed 0.94 percent higher.
Kapoor is one of the founders and promoters of Yes Bank, which started operations in 2004.
