Yes Bank shares gained more than 4 per cent in a strong market on Monday after the Madhu Kapur Group decided to give up their promoter shareholding in the private sector lender. The Yes Bank stock jumped as much as 4.28 per cent to Rs 28.00 apiece on the BSE compared to its previous close of Rs 26.85. On the National Stock Exchange, Yes Bank shares rose as much as 2.79 per cent to touch the Rs 27.60 mark, having started the session at Rs 27.55. At 9:35 am, Yes Bank shares traded at Rs 27.45, up 2 per cent, on the BSE. (Track Yes Bank Shares Here)
The Madhu Kapur group - including Madhu Ashok Kapur, Shagun Kapur Gogia, Gaurav Ashok Kapur and Mags Finvest Private Limited - have decided to give up their status as Yes Bank promoters and agreed to be categorised as non-promoter or public shareholders, Yes Bank said in a filing to the stock exchanges late on Saturday.
The move by the Kapur family comes almost three months after a State Bank of India-led equity consortium - formed with six other lenders - bailed out Yes Bank through a capital infusion of Rs 10,000 crore at the government's behest, which resulted in a majority stake going to SBI (48.21 per cent) and other financial institutions, including a number of private banks.
The BSE Sensex had surged 879 points or 2.7 per cent at 33,316 and NSE Nifty had gained 259 points or 2.6 per cent at 9,838 at the time.