Homefinance News

    Yes Bank co-promoter family says willing to dilute stake if large investor comes in

    Yes Bank co-promoter family says willing to dilute stake if large investor comes in

    Yes Bank co-promoter family says willing to dilute stake if large investor comes in
    Profile image

    By Ritu Singh   IST (Published)

    Mini

    Shagun Gogia, late Ashok Kapur’s daughter and part of Yes Bank’s co-promoter family, on Friday said that the Kapur family will extend its full support to the bank’s management in its capital raising exercise.

    Shagun Gogia, late Ashok Kapur’s daughter and part of Yes Bank’s co-promoter family, on Friday said that the Kapur family will extend its full support to the bank’s management in its capital raising exercise.
    She told CNBC-TV18 that the co-promoter family is willing to dilute its stake in the bank if a large investor comes on board at the end of the capital raising exercise.
    Gogia and family currently hold over 8.3 percent stake in Yes Bank and are the single largest shareholders after the other promoter Rana Kapoor group’s holding recently fell to 0.8 percent due to pledged share sale by Reliance Nippon Asset Management.
    Gogia said, "I cannot give a base to where we are willing to let our stake fall, but we are willing to dilute our stake in the event of a large investor coming on board”.
    Gogia, who was recently inducted into the bank’s board after a long, bitter battle with the Rana Kapoor family, said that her family firmly stands behind Yes Bank and has faith in chief executive office Ravneet Gill and the management’s efforts to transform the bank.
    "We are 100 percent confident that these concerns of governance and transparency that were there in the past are now behind us,” she said, adding that the bank’s governance and transparency levels are now “top-notch”.
    When asked about the timeline of the capital raising by the bank, Gogia said, "The capital raising exercise will be completed sooner than later”, but did not comment on the specific timing, saying that the CEO Gill, would be better placed to respond to that question.
    She also did not confirm or deny names of large technology companies being spoken about as potential investors in Yes Bank.
    "I’ll tell you this,” she said, "There are many investors who are keen to enter the bank given its strong business franchise," without giving any names.
    The Kapur family has also pledged a small portion of its stake in the bank, which Gogia confirmed was approximately one crore shares or less than one percent of the bank’s paid-up capital.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
    arrow down

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng