In sync with the massive hike in the share price of YES Bank, Madhu Kapur on Wednesday sold a part of her holding in the troubled lender. According to block deal data, Kapur nearly offloaded 25 million shares at Rs 65 apiece to acquire Rs 160 crore.
Before selling her stake in the bank, Kapur, the wife of co-founder late Ashok Kapur, held 176 million shares in the lender. Three-fourth of this holding is locked in for a period of three years as part of the restructuring plan for the bank. Shares of YES Bank on Wednesday witnessed a jump as much as 50 percent to Rs 88 before settling at Rs 62 on the NSE.
In the earlier two trading sessions, the stock inflated by 2.3 times, from Rs 25 to Rs 59. The unusual jump in the stock is boosted by technical factors namely a three-year lock-in, short-covering and Rs 10,000-crore equity infusion into the lender. Market players said the YES Bank stock price will likely adjust lower once the 10 billion shares offered to nine financial institutions enter the system.