Madhu Kapur camp to shed promoter tag
Yes Bank on Saturday said there will be a reclassification of shareholding as the Madhu Kapur group has given its consent to be categorised as public stakeholders.
“This is to inform that the bank has received a letter dated May 28, 2020, (received on May 29, 2020) from Madhu Ashok Kapur; Shagun Kapur Gogia; Gaurav Ashok Kapur; and Mags Finvest Private Limited (collectively referred to as Madhu Kapur Group) consenting to reclassify their shareholding in the bank as ‘non-promoter shareholders’ (that is, public shareholders), Yes Bank said in a regulatory filing.
“The bank will take further necessary action to give effect to this,” it added.
Yes Bank was co-founded by Rana Kapoor along with Madhu Kapur’s late husband Ashok Kapur as a new age private sector bank in 2004.
The Kapoors and Kapurs are related as Rana and Ashok’s wives are sisters.
Following the ouster of Rana Kapoor, who is in police custody on alleged charges of corruptions and financial mismanagement among others, Yes Bank is now led by State Bank of India along with several private sector lenders.
As on March 31, 2020, Madhu Kapur held 1.12 per cent in Yes Bank, while Mags Finvest had 0.30 per cent, according to data on the BSE.
Dish TV stake
Yes Bank said it has acquired an over 24 per cent stake in Dish TV India following the invocation of pledged shares due to a debt default by the DTH service provider and other group firms.
Yes Bank Limited, pursuant to invocation of pledged shares, has acquired 44,53,48,990 equity shares of Dish TV India Limited, constituting around 24.19 per cent of the post-issue paid-up share capital as on March 31, 2020, it said in a regulatory filing.
Shares were acquired on invocation of pledge subsequent to default/breach of terms of loan to Dish TV India Limited, it said.
Further, Yes Bank said there was default/breach of terms of credit facilities sanctioned by it to Essel Business Excellence Services, Essel Corporate Resources, Living Entertainment Enterprises, Last Mile Online, Pan India Network Infravest, RPW Projects Private, Mumbai WTR and Pan India Infraprojects. The companies are part of the Subhash Chandra-led Essel Group.