YES Bank promoter firms routed debt money as equity into private finance companies

YES Bank promoter firms routed debt money as equity into private finance companies

YES Bank promoter Rana Kapoor’s investment companies borrowed from mutual funds and invested the money as equity in ART Housing Finance. YES Capital, owned by the Rana Kapoor and his family, invested a part of borrowed funds as equity in ART Capital Ltd, which in turn invested a portion of the money in ART Housing Finance. Yes Capital is the ultimate beneficial owner of both the companies. Yes Capital, which also owns shares in YES Bank, invested nearly Rs 697 crore in ART Capital out of total investments of Rs 712 crore. About Rs 350 crore of that money was invested in ART Housing Finance. Rana Kapoor and his family raised the money through their privately owned firms which had pledged the shares of YES Bank as security.  

Read More at The Economic Times News date : 28 Nov 2018, Wednesday

©2018 TheNewsClues