YES Bank rises 6% as Rana Kapoor's Morgan Credit sells 2.3% stake in company
Updated : September 20, 2019 11:08 AM IST
Shares of YES Bank rose over 6 percent on Friday after Rana Kapoor's family-owned Morgan Credit (MPCL) sold 2.3 percent stake in the company.
The proceeds will be solely utilised to prepay a substantial portion of outstanding non-convertible debentures of MCPL subscribed by various schemes of Reliance Nippon Life.
Morgan Credit held a 3.03 percent stake in YES Bank prior to this sale as part of the promoter group holding.
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