YES Bank share price rallies over 5% on stake sale reports to Paytm

yesbank

Yes Bank shares rallied over five percent on September 11 trade on reports that co-founder Rana Kapoor is in talks with Paytm to sell his stake in the bank, sources told Moneycontrol.

In August, Kapoor sought out Vijay Shekhar Sharma, the founder and CEO of the Noida-based mobile payments startup, and offered to sell his stake as well as that of his family members for Rs 1,800-2,000 crore, a source said.

At current valuations, the shareholding of Kapoor and his family members is worth Rs 1,550 crore.

YES Bank has been under a bear grip so far in 2019. Its shares have fallen more than 60 percent this year and around 80 percent in the last one year.

If the deal goes through, it will mark the end of the career of one of India’s most-storied bankers and the potential rise of an upstart serial entrepreneur in the banking sector.

Kapoor’s fortunes have been on the wane for the past few years. In 2015, he lost a court battle to co-promoter Madhu Kapur over a board appointment and was eventually ousted as the CEO and MD of YES Bank by the Reserve Bank of India (RBI), which cited ‘serious lapses’ in governance and ‘poor compliance culture’.

News Source:- Moneycontrol

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