MUMBAI: Yes Bank shares fell over 3 per cent on Friday even as one of its two promoters, the Ashok Kapur family, promised to support the bank’s management in its efforts to improve transparency, governance and raising capital. This comes at a time when the other promoter, Rana Kapoor, has seen his stake come down to a negligible level after stake sale and promoter pledge getting revoked.
Kapur’s daughter Shagun Gogia, who recently also found a place in the board of the bank, said the family was comfortable with their shareholding going below the current level of 8.33 per cent in the bank’s efforts to raise capital, according to PTI. Yes Bank’s CEO Ravneet Gill had told analysts last week about the bank’s liquidity and that it is on course to raise capital. Therefore, it is natural that in due course, as and when the bank is able to raise fresh capital, there will be equity dilution for promoters.
“Our family has not decided a floor to which we can go down to in the event of new fund infusion. We will do whatever is in the best interest of the bank,” PTI said, quoting Gogia. There is also a question mark on the status of “promoter” with the combined stake of promoters coming below 10 per cent.