Rana Kapoor's daughters 'dejected' with sale of his stake in YES Bank

After the recent share sales, the family's stake in the bank has shrunk to around 1 per cent, showed an analysis of exchange data

Morgan Credits (MCPL) and YES Capital (India) (YCPL) — the promoter entities of YES Bank — on Wednesday expressed “dejection” on Reliance Nippon Life AMC’s (RNam) decision to invoke and sell pledged shares of Rana Kapoor through its debenture trustee, Milestone Trusteeship.

“These were pledged by our father Rana Kapoor to support the borrowings of MCPL, a company owned by his three daughters for investing in start-up ventures in our capacity as women entrepreneurs,” said the press note issued by MCPL and YCPL.

This sale of Kapoor’s shares meant that he no longer has any stake in the bank