This is to inform that the Bank has received a letter dated May 28, 2020 (received May 29, 2020) from Madhu Ashok Kapur; Shagun Kapur Gogia; Gaurav Ashok Kapur; and Mags Finvest Private Limited (collectively referred to as Madhu Kapur Group) agreeing to reclassify their stake in the Bank as “non-promoter shareholders” (ie public shareholders), YES Bank said in a regulatory filing.
“The Bank would take the necessary additional measures to give effect to this,” he added.
YES Bank was co-founded by Rana Kapoor with Madhu Kapur’s late husband Ashok Kapur as a new age private sector bank in 2004.
The Kapoor and the Kapur are related on a family level, as the wives of Rana and Ashok are sisters.
After the ouster of Rana Kapoor, who is in custody on alleged charges of corruption and financial mismanagement, among others, YES Bank is now run by the State Bank of India alongside several private sector lenders.
As of March 31, 2020, Madhu Kapur held 1.12% in YES Bank, while Mags Finvest held 0.30%, according to BSE data.