Business

Highly Dejected With Stake Sale, Say Rana Kapoor's Daughters

Highly Dejected With Stake Sale, Say Rana Kapoor's Daughters

Morgan Credits Pvt Ltd (MCPL) and Yes Capital India Ltd (YCPL) -- the promoter entities of private lender Yes Bank -- have expressed dejection over Reliance Nippon Life Asset Management's (RNAM''s) decision to invoke and sell pledged shares of Rana Kapoor through its debenture trustee Milestone Trusteeship, news agency ANI reported.

"These were pledged by our father Rana Kapoor to support the borrowings of MCPL a company owned by his three daughters for investing in start-up ventures in our capacity as women entrepreneurs," said the statement issued by MCPL and YCPL.

"We are highly dejected that our family shareholding in Yes Bank was sold at such dismal price levels, despite the bank having created long-term shareholder value and over 20,000 jobs during the last 15 years."

"As long-term shareholders and firm believers in the bank's future value creation potential, we do not consider these valuations to be reflective of an otherwise fundamentally solid bank with significant franchise value," added the statement.

Before the market opening on Thursday, Yes Bank CEO Ravneet Gill in a conference call assured investors that the bank remains on a solid financial footing. "The operating metrics of the bank, the performance of the bank is absolutely sound," Mr Gill said. "We have enough liquidity, we are very stable and the share price movement of recent days should not become a proxy for how the bank gets perceived," he added.

Rana Kapoor's long-term aide and senior group president and former chief financial officer Rajat Monga also quit the bank, Mr Gill said in the conference call.



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