Taking advantage of the massive jump in the share price of YES Bank, Madhu Kapur on Wednesday offloaded a part of her holding. According to block deal data, Kapur sold nearly 25 million shares at Rs 65 apiece to pocket Rs 160 crore on Wednesday.
Prior to the sale, Kapur, the wife of co-founder late Ashok Kapur, held 176 million shares in the bank. Three-fourth of this holding has been locked in for three years as part of the restructuring plan for the bank. Shares of YES Bank on Wednesday jumped as much as 50 per cent to Rs 88 before settling at Rs 62 on the NSE.
In the previous two trading sessions, the stock skyrocketed 2.3 times, from Rs 25 to Rs 59. The unusual rally in the stock is fueled by technical factors such as 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 adjust lower once the 10 billion shares issued to nine financial institutions enter the system.