Private lender Yes Bank has transferred back 47,83,295 equity shares constituting 18.10 per cent of the paid-up share capital of an unlisted company Business India Publications Limited (BIPL).
The bank had acquired the stake in the company through invocation of pledge, up on extinguishment of loan, the lender informed the exchange. Business India group, promoted by Ashok Advani in 1978, was into publication of business news magazines. Its initiative started with the launch of ‘Business India’ magazine under partnership firm, whose business was transferred in 1997, to a newly incorporated company BIPL.
As per RBI guidelines, BIPL was classified as NPA by Yes Bank on May 30, 2014, stated the bank.