Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

Morgan Credits Private Limited has sold 2.3% stake in YES Bank Ltd

Posted On: 2019-09-19 21:24:05

Morgan Credits Pvt Ltd ("MCPL"), part of the Promoter Group of YES Bank Ltd ("YBL" or the "Bank"), has today sold 2.3% shareholding in the Bank. The proceeds will be solely utilized to PREPAY substantial portion of outstanding Non-Convertible Debentures (NCDs) of MCPL subscribed by various schemes of Reliance Nippon Life Asset Management Company ("RNAM").

MCPL had in April 2018 placed rated, zero coupon NCDs amounting Rs 1160 crore with RNAM (the ONLY borrowing of MCPL). These funds were utilized by MCPL towards incubation of new-age start-up businesses. Pursuant to the above sale of shares, which was conducted solely to de-leverage MCPL, the Promoter Group has achieved the following highly positive outcomes:

- Total prepayments (including interest) to NCD holders of Rs 722 crore till date, well ahead of the scheduled maturity date of April 2021

- Reduction in total Promoter / Promoter Group ownership in YBL to 15.7% (in further compliance with RBI's regulatory level of 15.0%), as compared to 18.0% previously

Radha K Khanna, Director, MCPL said "We have concluded the stake sale solely to de-leverage MCPL. Through the prepayment of NCDs to RNAM, we have significantly reduced our borrowing in MCPL in an accelerated manner. Sponsored by women entrepreneurs, MCPL will continue to focus on its existing startup ventures fully supported by professional management teams who have come on board as co-founders / partners".

Mr Rana Kapoor, Promoter, YBL stated "With the sole intention of reducing debt of the Promoter holding company - MCPL, owned by my three daughters, it was decided to bring down our family ownership in YES Bank to 7.4%".

"YES Bank is a terrific home grown, large Indian banking institution which has an outstanding leadership team, proven asset quality and resolution / recovery management skills, diversified income streams and an efficient cost structure ensuring sustainability in earnings. Its tech enabled, frugally driven innovative platforms ensure scalability, competitiveness and cutting edge differentiators in the Indian banking industry. YES Bank is well poised in its growth journey to tackle challenges and seize opportunities in future as amply demonstrated over the past 15 years since its commencement in 2004. As always, I would like to convey my best wishes to YES Bank and all its stakeholders".

Shares of YES BANK LTD. was last trading in BSE at Rs.54.15 as compared to the previous close of Rs. 64.1. The total number of shares traded during the day was 19972521 in over 87366 trades.

The stock hit an intraday high of Rs. 64.9 and intraday low of 53.05. The net turnover during the day was Rs. 1156526773.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

Blue Dart Express Sales at Rs. 31,664 million

Sun Pharma Advanced Research Company Ltd board to announce 4th quarter results on June 2, 2020

Stovec Industries Ltd board to consider Q4, FY20 results on June 4, 2020

Greaves Cotton Limited board to approve Q4, FY20 results on June 5, 2020

CRISIL reaffirms commercial papers rating of Edelweiss Financial Services Limited

Gulshan Polyols Ltd Q4 PAT at Rs. 2.78 crore

Alkem Laboratories Ltd Board to consider FY20 results & Final Dividend on June 05, 2020

Wonderla Holidays Ltd Q4 FY20 PAT slides to Rs. 1.56 crore

S H Kelkar and Company Ltd consolidated Q4 FY2020 PAT at Rs. 12.02 crore

Kewal Kiran Clothing Ltd posts Rs. 15.76 crore consolidated PAT in Q4 FY2020

Gujarat Gas Ltd board to consider FY20 results, dividend on June 5, 2020

Kewal Kiran Clothing Ltd Board approves Dividend of Rs. 6

Deepak Nitrite Ltd reports consolidated PAT of Rs. 172.30 crore in Q4 FY2020

Coromandel International Ltd board recommends dividend of Rs. 12 for FY2020

Fiinovation Partners with Dhampur Sugar to help Delhi Slums Fight COVID-19 Pandemic

LTI Wins 2020 SAP® Pinnacle Award as the Industry Innovation Partner of the Year

Kotak Mahindra Bank fixes floor price for QIP as Rs. 1147.75

Wipro launches Global Channel Partner Program for innovative products and platforms

Shanthi Gears Limited announces financial results for period ended March 31, 2020

V I P Industries Ltd reports consolidated Q4 FY20 PAT at Rs. 9.52 crore

Coromandel International Ltd Q4 FY20 consolidated net profit at Rs. 234.20 crore

PRAJ Industries Ltd posts Rs. 24.86 crore PAT in Q4 FY20

Visaka Industries Ltd reports Q4 PAT of Rs. 6.85 crore

Maruti Suzuki partners with ICICI bank to offer customers specially curated, flexible EMI financing schemes

ITI Limited manufactures face shields -Joins fight against COVID19

Sundaram Finance Ltd board to consider final dividend for FY20

Add-Shop Promotions Ltd Board approves 3:4 Bonus Issue

Satia Industries Limited Signs Agreement with Minerals Technologies to Construct a 42,000 Metric Ton Per Year Satellite PCC Plant in India

Vakrangee announces corporate agency tie up with LIC

Symphony Limited board to announce 4th quarter results on May 29, 2020

Firstsource Solutions Ltd Q4 FY20 consolidated PAT climbs QoQ to Rs. 91.57 crore

Automotive Axles Ltd posts PAT of Rs. 5.75 crore in Q4

Daawat Basmati Rice celebrates relationships with # PehliDaawat Campaign

Newgen Software Technologies Ltd Board approves dividend of Rs. 2 for FY20

Automotive Axles Ltd board recommends dividend of Rs. 0.80

Newgen Software Technologies Ltd Q4 FY20 consolidated PAT up QoQ at Rs. 41.46 crore

McDonald's India Introduces Contactless Take-Out Service For Customers

Infosys and Avaloq Partner to Strengthen Wealth Management Capabilities through Digital Platforms

Reliance Power wins lawsuit in Indonesian Court, to get arbitration award of $68 million

Menon Bearings Ltd Q4 PAT at Rs. 3.30 crore

Indoco receives USFDA approval for Succinylcholine Chloride Injection USP

Steel Strips Wheels Ltd's tractor segment production running at 90% capacity

Orient Electric Ltd board to announce Q4, FY20 results, final dividend on June 1, 2020

Customer Safety in focus: Maruti Suzuki issues safety norms for True Value

Glenmark to commence another new Phase 3 clinical trial on a combination of two anti-viral drugs Favipiravir and Umifenovir in hospitalized patients of moderate COVID-19 in India

Zuari Agro Chemicals Ltd's NPK-A plant resumes operation from May 25, 2020

Polyplex Corporation Ltd Q4 FY2020 consolidated PAT falls to Rs. 22.97 crore

InterGlobe Aviation Ltd board to consider Q4, FY20 results on June 2, 2020

Jubilant Life Sciences Ltd board to approve FY20 results, NCD issue on May 29, 2020

Polyplex Corporation Ltd Board approves final dividend of Rs. 6

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019