As Yes Bank stock bleeds, Kapoor says will never sell his stake

Source: The Hitavada      Date: 29 Sep 2018 10:53:22




RANA Kapoor, the embattled co- promoter and Chief Executive of Yes Bank, on Friday said, he does not intend to sell his holding in the private sector lender. Following the Reserve Bank decision on September 19 to curtail Kapoor’s term as Managing Director and Chief Executive to January 31,2019 from the three-year sought by the board, Yes Bank shares have plunged over 40 per cent.

“Even after I demit office as the MD and CEO of Yes Bank, I will never ever sell my shares,” Kapoor wrote on his handle on the microblogging site Twitter on Friday. Kapoor said his holding will be bequeathed to his three daughters and added that he will make a request in his will not to sell a single share in the bank. “My promoter shares of Yes Bank are invaluable to me,” Kapoor, who is not regular on the microblogging site unlike other industry captains, wrote.

The assertion comes amid reports of Madhu Kapur, the legal heir of the deceased co-promoter Ashok Kapur, selling 7 lakh shares of the bank representing 0.04 per cent in the open market on September 21 amid the heavy slide in share price. The sale has brought down Kapur’s shareholding to 9.28 pc, while Kapoor's stands at 10.66 pc.

Earleir this week, Yes Bank board decided to seek an extension of upto eight months beyond trimmed down period of January 31, 2019 for Kapoor to stay on so that bank could find a successor and meet other regualtory demands of closing financial accounts for the year. It also established a search and selection committee comprising three members from the existing nomination and remuneration committee along with two external experts to identify Kapoor’s successor.