MUMBAI: Yes Bank chief Rana Kapoor on Friday made an important public disclosure: Neither he, nor his children or grand children will ever sell the bank’s shares. Perhaps to shore up investor confidence, Kapoor took to Twitter declaring in essence that his family will be tied to the bank for eternity.
“I will eventually bequeath my Yes Bank promoter shares to my 3 daughters and subsequently to their children, with a request in my will stating not to sell a single share, as Diamonds are Forever,” he tweeted. Adding brevity, he proceeded, “Diamonds are Forever: My Promoter shares of Yes Bank are invaluable to me.” Kapoor’s claims contrast the bank’s sparring promoter Madhu Kapur, who was seen offloading 0.2 per cent of her stake just Thursday.
The RBI called time on Kapoor’s three-year tenure, which rattled investors to no end, fearing leadership vaccum. The bank’s scrip has been bleeding non-stop since then, losing over 50 per cent in the past five trading sessions. On Friday, it lost another 10 per cent to close at `183.45 on BSE.
“Even after I demit office as MD & CEO of Yes Bank, I will never sell my Yes Bank shares,” Kapoor further clarified. Curiously, he left the timeline of his departure, which caused the current chaos, open to speculation. Apparently, the decision now rests with the bank’s Board and RBI, which Kapoor said he will honour.
“In this leadership transition at Yes Bank, I continue to remain fully committed to the interests of the bank and all its stakeholders. I will be fully guided by the Board of Directors of Yes Bank and the Reserve Bank of India,” said Kapoor, who along with his family holds 10.66 per cent stake as on June 2018 and is its largest shareholder. Madhu Kapur’s stake stood over 7.62 per cent.The RBI has allowed Kapoor time till January 2019, while the bank’s Board sought extension till September 2019.