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Yes Bank sells 2.17 percent stake in Fortis Healthcare

Yes Bank sells 2.17 percent stake in Fortis Healthcare

New Delhi: Private sector lender Yes Bank has sold 2.17 percent stake in Fortis Healthcare, out of over 17 percent stake it acquired last month.

In a regulatory filing, Yes Bank said it had sold 1.12 crore shares representing 2.17 percent stake of Fortis Healthcare in the open market between February 23 and March 15, 2018.

Yes Bank had acquired 17.31 percent stake in Fortis Healthcare following invocation of nearly 9 crores pledged shares last month.

“Yes Bank has acquired 8,97,81,906 equity shares having a nominal value of Rs 10 per share of the company pursuant to the invocation of pledge on the said equity shares subsequent to default by promoter group companies in the credit facility provided by the bank,” Fortis Healthcare had said.

The shares were acquired by Yes Bank on February 16, consequent upon invocation of pledge on these shares, it added.

On February 15, the Supreme Court lifted its stay on sale of shares of Fortis Healthcare pledged with banks by the promoters Singh brothers (Malvinder Mohan Singh and Shivinder Mohan Singh) before August 31, allowing financial institutions, including Axis Bank and Yes Bank, to sell the pledged shares.

Subsequently, the stake of promoter firm Fortis Healthcare Holdings along with promoters (Singh brothers) and other family entities have come down to 5.87 percent from 34.43 percent earlier.

Source: PTI
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