BSE data showed that the private sector lendors, After a tenacious effort to save Yes Bank from collapsing last month, have already sold part of their equity between 17 March and 31 March.
On 13 March, the government approved a rescue plan for the debt driven Yes bank backed by SBI, under which domestic investors including SBI, Housing Development Finance corp, ICICI Bank, Kotak Mahindra Bank, Bandhan Bank, Federal bank and IDFC First Bank invested rupees 10,000 crore into Yes Bank’s devastated system. SBI chairman, Rajnish Kumar,assured that the bank would remain committed to the investment and will not sell any part of its 48% stake before the expiry of a three year partial lock-in period,which was to ensure Yes Bank’s stabilization over the time.
However, lenders have a three year lock-in only for the 75% of their equity and are not restricted to sell the rest.
In the sell off,Federal bank topped the list by selling the highest number of shares at 5.86 crore. On the second position is Kotak Mahindra Bank which sold shares valued at 4.72 crore and then finally IDFC bank at 4.02 crore shares. This led to dropping off Federal Bank’s stake in Yes Back by 47 basis points to 1.92% as on 31 March. Kotak Mahindra’s stake declined by 37 bps to 3.61% and IDFC First Bank’s stake plummeted 32 bps to 1.67%, as per the data provided.