YES Bank co-founder and promoter Rana Kapoor and promoter entity Morgan Credits (MCPL) has pledged 7.34 per cent stake in the private sector lender.
These have been pledged in favour of Milestone Trusteeship Services Pvt Ltd, the debenture trustee for the benefit of the holders of debentures issued by MCPL, Kapoor and MCPL said.
Kapoor has pledged his entire 4.31 per cent stake in YES Bank totalling 10 crore shares. MCPL also pledged 3.03 per cent of the total equity of 7.02 crore shares.
Significantly, in a series of tweets in September last year, Kapoor had compared his shares in YES Bank to diamonds and had said he would not sell them even after demitting office as his promoter shares were invaluable to him.
“I will eventually bequeath my YES Bank promoter shares to my three daughters and subsequently to their children, with a request in my will stating not to sell a single share, as Diamonds are Forever,” he had said. He is reported to have pledged his shares to support his daughters’ ventures.