Private sector lender Yes Bank on Friday said it has received approval of leading bourses BSE and National Stock Exchange for re-classification of the promoter shareholding. Part of shareholding classified as "promoter shareholding" now stands at zero.
The bank first informed the bourses during the day, saying Sebi has admitted its application for the de-classification of its founding promoters Rana Kapoor and Madhu Kapur families and firms linked to them. The two families' collective holding has dropped to only 1.42 per cent of the shareholding after the reorganisation of the shareholding following the over Rs 10,000 crore bailout of the struggling lender in March led by SBI in a scheme led by the central government.
In the letter, Sebi said that the Reserve Bank had advised the bank to reclassification of the promoters through a communication dated May 20. "...reclassification is a procedural formality and a consequence of the scheme approved and notified by the central government," the letter from Sebi granting the exemption said.
Later in the evening, the bank informed that both the leading bourses - BSE and NSE - have approved the reclassification of the promoter group. On May 30, Yes Bank had informed that it will reclassify its shareholding as the Madhu Kapur group had consented to be categorised as public stake holders.
Following 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 alongside several private sector lenders after the initiation of the reconstruction scheme. Troubles at Yes Bank started after the death of Ashok Kapur who was killed in the 2008 terror attack at the Taj hotel in Mumbai.
As a co-founder Rana Kapoor sought to control the bank hence entangling the lender into legal hurdles besides inviting strain into family relations.
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