Yes Bank sells 2% shares in Fortis Healthcare, stake down to 15%

Private sector lender Yes Bank has sold 2.17 per cent stake in Fortis Healthcare, out of over 17 per cent stake it acquired last month.

In a regulatory filing, Yes Bank said it had sold 11.2 million shares representing 2.17 per cent stake of Fortis Healthcare in the open market between February 23 and March 15, 2018.

Yes Bank had acquired 17.31 per cent stake in Fortis Healthcare following invocation of nearly 90 million pledged shares last month.

"Yes Bank has acquired 8,97,81,906 equity shares having nominal value of Rs 10 per share of the company pursuant to 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 per cent from 34.43 per cent earlier.

Shares of Fortis Healthcare were trading 1.25 per cent lower at Rs 158.20 apiece on BSE.