Bay Tree Holdings cuts stake in Yes Bank by more than 2%

In the March quarter of FY21, Yes Bank reported a net loss of Rs 3,787.75 crore. It saw fresh slippages worth Rs 11,800 crore during Q4, with Rs 8,000 crore coming from the moratorium book

Bay Tree India Holdings , owned by Tilden Park, reduced its stake in Yes Bank by 2.08%, representing nearly a third of its holding in the lender. According to regulatory filings, Bay Tree now holds a 5.4% stake in Yes Bank.

The stake reduction was carried out through open market sales in multiple tranches between January 6 and May 6. Bay Tree was an anchor investor in Yes Bank’s July 2020 further public offer (FPO) of Rs 15,000 crore.

Yes Bank was resuscitated through a long process after the Reserve Bank of India imposed a moratorium on it in March 2020 and superceded its board. The rescue involved a number of institutions from the financial sector coming together to infuse equity into the capital-starved bank.

Over the past one year, most of those investors have pared their stakes. Between March 2020 and March 2021, State Bank of India’s stake has fallen to 30% from 48.21%, ICICI Bank’s to 3.99% from 7.97%, Axis Bank’s to 1.96% from 4.78%, IDFC First Bank’s to 1.15% from 1.67%, Bandhan Bank’s to 1.2% from 2.39%, Housing Development Finance Corp’s to 3.99% from 7.97% and Kotak Mahindra Bank’s to 1.52% from 3.61%.

In the March quarter of FY21, Yes Bank reported a net loss of Rs 3,787.75 crore. It saw fresh slippages worth Rs 11,800 crore during Q4, with Rs 8,000 crore coming from the moratorium book. The bank’s capital adequacy ratio as per Basel III stood at 17.5% as on March 31. The common equity Tier-I (CET-I) ratio was at 11.2% at the end of March.

Yes Bank’s shares on the BSE ended 0.23% higher than their previous close at Rs 13.16 on Tuesday.