Rana Kapoor sells 2.75% stake in Yes Bank through open market, reduces equity to 6.89%

Promoter group companies of Yes Bank along with co-founder Rana Kapoor have sold a combined 2.75 percent stake in the lender through the open market.

Yes Capital (India) Pvt Ltd, Morgan Credits Pvt Ltd and Rana Kapoor have sold a combined 2.75 percent in Yes Bank through the open market process, Morgan Credits said in a regulatory filing on Saturday.

The combined entities held 9.64 percent holding in the bank which now stands at 6.89 percent. The release of shares took place between September 18 to 20, 2019, the filing said.

The stake sale comes in the wake of news reports that Kapoor and the promoter group companies are looking to exit Yes Bank. Sources said digital payments major Paytm is in discussions to buy a stake in Yes Bank from Kapoor.