Yes Bank’s Rana Kapoor in talks with Paytm’s Vijay Sharma to sell his bank’s stake
Yes Bank’s co-founder Rana Kapoor is in talks with Paytm to sell his Rs 2,000 crore stake in the bank. In August, Kapoor met the founder and CEO of Noida-based mobile payments startup backed by Japan’s Softbank Vijay Shekhar Sharma with the same intention.
Kapoor and his family hold 9.64 percent stake in the bank of which 69 percent is pledged with Reliance Nippon Asset. Current valuations claim that Kapoor and his family’s assets are worth Rs 2000 crore. The Kapoor family owns stakes in Yes Bank through firms Yes Capital and Morgan Credits.
If sources are to be believed, the fortunes of 62-year-old Kapoor in the bank have been low for some time now and even lost a legal battle to sister-in-law Madhu Kapoor in 2015 over a board appointment.
He was also asked to step down as the Chief Executive Officer and Managing Director by the Reserve Bank of India (RBI) after it identified ‘serious lapses’ in governance and a ‘poor compliance culture’.
Presently, the 41-year-old Sharma is evaluating the deal especially the complexities of promoter shareholding in banks and regulatory challenges.
The deal between Kapoor and Sharma are said to be in preliminary stages and will also require a nod from the RBI. On Monday, Yes Bank’s shares closed at 4.5 percent higher at Rs 63.10 on National Stock Exchange (NSE).