Rana Kapoor, Morgan Credits pledge 7.34% stake in YES Bank worth Rs 1,500 crore

NEW DELHI: YES Bank promoter Rana Kapoor has pledged 10 crore shares accounting for 4.31 per cent of total share capital for security. The pledge was made as security provided to the holders of debentures issued by Morgan Credits (MCPL), a promoter entity.

Morgan Credits also pledged 7.02 crore shares, accounting for 3.03 per cent of the total share capital.

The 7.34 per cent shares were pledged by the two promoters in favour of Milestone Trustship Services, the debenture trustee, for the benefit of the holders of debentures issued by MCPL, as per a BSE filing by promoters.


While Mags Finvest and Madhu Kapur are also the promoters of the bank, they are not 'persons acting in concert' with the pledgors, as defined in regulations 2(1)(q)(1) of the Sebi (SAST) Regulations and hence excluded from the disclosure.

At Monday’s closing price of Rs 91.15, the value of pledged shares stood in excess of Rs 1,500 crore.