Fri. Nov 27th, 2020

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Three banks booked break profits in YES Bank

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Kotak, HDFC and Federal bank sold parts of their stakes in the troubled bank within days of subscribing to its shares under the reconstruction scheme, probably at a much higher price, according to the latest shareholding data.

This is the result of the imposition of a three year lock in period ordered by the government, for investors for 75% of their holdings in the private lender.

Latest shareholding data of YES Bank NSE -1.05 % showed at least three private lenders sold parts of their stakes in the troubled bank within days of subscribing to its shares under the reconstruction scheme, probably at a much higher price.

On March 13, Federal Bank NSE -2.04 % informed BSE that it had bought 30 crore shares in YES Bank for Rs 10 each. YES Bank’s latest shareholding pattern, however, suggests Federal Bank owned just 24.13 crore YES Bank shares as of March 31, suggesting offloading of 5.86 crore shares in the interim. Some 22.5 crore Federal Bank-owned shares got locked in.

 

 

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