Monday, 17 Feb 2020

Yes Bank sells 6.7 pc stake in Fortis Healthcare

Mumbai , Oct 15 : Yes Bank said on Tuesday it has recovered Rs 645 crore of Religare exposure through sale of a 6.77 per cent block of Fortis Healthcare Ltd shares.

The public statement came a day after the private lender informed stock exchanges after market hours that it has reduced its exposure to the Religare Group with this transaction.

"We would like to inform you that Yes Bank Ltd has sold 51,099,265 equity shares having nominal value of Rs 10 each, constituting 6.77 per cent of the paid-up share capital of Fortis Healthcare Ltd (FHL) as at June 30 in various tranches, the last being on October 14, resulting into a change in holding of the bank by more than 2 per cent of total shareholding of FHL," it said in regulatory filings.

Yes Bank has been looking to raise capital to help fund growth and improve asset quality. The private lender's stock has lost about 80 per cent this financial year but its management says the decline does not reflect the bank's fundamentals.

Last week, it lodged a complaint with Mumbai Police and Cyber Cell against the dissemination of fake news and spread of rumours about the bank's financial health on social media platforms. The lender also made two keys appointments of Anita Pai as the new Chief Operating Officer and Jasneet Bachal as the new Chief Marketing Officer.

Yes Bank is India's fourth largest private sector bank with presence across all 28 states and 9 union territories.

(ANI | 4 months ago)