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Last Updated : Apr 23, 2020 05:05 PM IST | Source: Moneycontrol.com

Yes Bank rescue: Kotak Bank, Federal Bank and IDFC First Bank step back, cut stake within 14 days of investing

Kotak Mahindra Bank sold 4.76 crore shares after March 17, Federal Bank sold 5.87 crore shares and IDFC First Bank sold 4.02 crore shares, according to data available on the BSE.


Three private lenders pared their minority stakes in Yes Bank in a span of 14 days after making their investments.

Kotak Mahindra Bank, Federal Bank and IDFC First Bank lowered their stake in Yes Bank between March 17 and March 31.

According to data available on the BSE website, Kotak Mahindra Bank's stake in Yes Bank as of March 31 is 3.61 percent, Federal Bank's holding is 1.92 percent and IDFC First Bank owns 1.67 percent.

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Kotak Mahindra Bank sold 4.76 crore shares after March 17, Federal Bank sold 5.87 crore shares and IDFC First Bank sold 4.02 crore shares, according to data available on the BSE.

Also read: Yes Bank board approves fundraising of up to Rs 5,000 crore

While Kotak Mahindra Bank sold 9.5 percent of its stake in Yes Bank, IDFC First Bank sold 16.1 percent of the stake and Federal Bank sold 19.6 percent of its holding between March 17 and March 31, 2020.

The Reserve Bank of India (RBI) had on March 13 approved a rescue plan for Yes Bank, where State Bank of India (SBI) and six other private lenders had bought stakes in the bank.

The restructuring came into effect on March 17, with SBI becoming the largest shareholder.

Lenders have a lock-in period of three years, where they are not permitted to sell over 75 percent of their holding in Yes Bank.

SBI and the remaining lenders - HDFC, ICICI Bank, Bandhan Bank and Axis Bank have not sold their shares as of March 31.

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First Published on Apr 23, 2020 02:31 pm
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