Rana Kapoor gets relief from SAT; Bain Capital sells 2.82% in L&T Finance

The Securities Appellate Tribunal (SAT) on Tuesday directed Rana Kapoor, former managing director, Yes Bank to deposit Rs 50 lakh within six weeks.

The tribunal passed this direction in an interim order while hearing an appeal by Kapoorl in the mis-selling of Additional Tier-1 (AT1) bonds case. On September 7, 2022, Sebi in its order imposed a fine of Rs 2 crore on Kapoor following allegations of misselling Yes Bank’s AT-1 bonds to individual investors. Aggrieved by the Sebi’s order, Kapoor had moved SAT.

“We are of the opinion that prima facie a penalty of Rs 2 crore appears to be harsh and disproportionate,” said a bench led by Justice Tarun Agarwala, while granting an interim stay on the Sebi order. If the said amount is deposited the balance should not be recovered during the pendency of the appeal, SAT has said. The matter has been listed for a final hearing on November 20

Bain Capital sells 2.82% in L&T Finance

Private equity major Bain Capital on Tuesday sold 2.82 per cent stake in L&T Finance Holdings. The PE firm sold nearly 70 million shares at RS 130 apiece to mop up Rs 910 crore.

Among the buyers were BNP Paribas, SBI Life, DSP Blackrock MF and Bajaj Allianz Life. Shares of L&T Finance closed at Rs 127, down 2.9 per cent over its previous close. At the end of June 2023 quarter, Bain Capital through two affiliate firms held a 4.04 per cent stake in L&T Finance.

EMS IPO subscribed 75x

The initial public offering (IPO) of EMS, a civil construction company, garnered 75 times subscription on Tuesday. The retail portion of the issue was subscribed nearly 30 times, high net-worth individual 82 times and, institu­tional investor portion 153 times. EMS, previously known as EMS Infracon, is into wastewater collection, treatment, and disposal services. The IPO consisted of Rs 146 crore fresh fundraise and Rs 175 crore secondary share sale. At the top end of the issue price of Rs 200-Rs 211 per share, the company was valued at Rs 1,172 crore.