Mumbai: Federal Bank, Kotak Mahindra Bank and IDFC First Bank, three of the eight lenders which came to the rescue of YES Bank, sold part of their stake in a fortnight of making the investment, data released on the BSE showed.
Eight lenders had invested 100 bln rupees in capital-starved YES Bank. Shares were issued at 10 rupees a piece a day after the reconstruction scheme for the private bank was approved by the Union Cabinet on Mar 13.
On Wednesday, YES Bank released shareholding pattern as on Mar 31. Comparing it with previous shareholding data released on Mar 17 showed that Federal Bank sold 58.7 mln shares, Kotak Mahindra Bank 47.3 mln shares and IDFC First Bank sold 40.2 mln shares between Mar 18- 31.
On the other hand, ICICI Bank bough additional 78,300 shares but its holding remained unchanged at 7.97%. Accordingly, Federal Bank's holding is down 47 basis points to 1.92% as on Mar 31 and Kotak Mahindra Bank's stake is now at 3.61% from 3.98%. IDFC First Bank's holding is down 32 basis points to 1.67%.
Considering, the share price of YES Bank rose after the reconstruction plan was approved, selling entities made a gain on their investment. Shares of the bank traded between 22-87 rupees between Mar 18 and Mar 31 on the National Stock Exchange. At 1441 IST, shares of YES Bank were down 4.4% at 28.30 rupees on the NSE.
As part of the YES Bank's reconstruction scheme, government mandated that 75% of the shareholding of new investors will be locked in for three years while the remaining is freely transferable. Earlier, State Bank of India Chairman Rajnish Kumar had said that the bank will not sell any part of its 48% stake before the end of the lock-in period.
