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Yes Bank’s Rana Kapoor in talks with Vijay Shekhar Sharma to sell stake

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New Delhi: Yes Bank’s Rana Kapoor is in talks with Paytm to sell his stake in the bank he co-founded, according to media reports.

Kapoor offered to sell his stake in the bank as well as that of his family members for Rs 1,800-2,000 crore to Vijay Shekhar Sharma, the founder and CEO of the Noida-based mobile payments startup backed by Japan’s Softbank, sources said, reported Moneycontrol.

Kapoor’s family owns stakes in Yes Bank directly and through investment firms Yes Capital and Morgan Credits. His daughters Rakhee, Roshni and Radha are directors of the investment companies, Moneycontrol report said.

Kapoor, 62, his family members, and the investment firms they control own a 9.64 percent stake in Yes Bank.

Kapoor has pledged 10 crore shares in the private sector lender worth over Rs 900 crore with Reliance Nippon Life Asset Management Ltd (RNAM), asset manager of Reliance Mutual Fund (MF), according to Mint.

Morgan Credits Private Ltd, an entity linked to his family, has also pledged its 7.02 crore shares in the bank, an intimation to the exchanges said.

Collectively, the stake pledged by both the entities stood at 7.34 percent.

The pledges were created in early June 2019, in favour of Milestone Trusteeship Services, the debenture trustee, for the benefit of the holders of debentures issued by Morgan Credits, the statement said.

The purpose of the pledge, which comes at a time when a host of promoters are struggling to get out of tricky situations created due to pledging, was not immediately known, a PTI report said.

On 9 September, Yes Bank’s shares closed 4.5 percent higher at Rs 63.10 on the National Stock Exchange (NSE). The benchmark Nifty index rose by 0.52 percent and the Bank Nifty index, of which Yes Bank is a part, closed 0.94 percent higher.

Kapoor is one of the founders and promoters of Yes Bank, which started operations in 2004.

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Iconic Bajaj Chetak returns in modern avatar

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New Delhi:  Over 13 years after it ceased production, Bajaj Auto has relaunched its iconic ‘Chetak’ scooter in an electronic configuration. In an event in Delhi on Wednesday, Union Minister Nitin Gadkari and NITI Aayog chief Amitabh Kant sat on two models of the electric Chetak, flanked by Rajiv Bajaj, the head of Bajaj Auto.

“We have decided to move towards electric vehicles (EV) and started its production in September at the Chakan plant,” Rajiv Bajaj, Managing Director, Bajaj Auto said at the event on Wednesday.

The electric scooter market in the country is probably the most viable option for automakers right now, with cars proving to be an expensive proposition to sell. This, however, comes naturally to Bajaj, and according to the company’s chief, “electric vehicles cannot be made at the click of a finger by anyone.”

The company plans to start selling electric scooters (e-scooter) under the Chetak brand January onwards from Pune and then move to Bengaluru; and after gauging the response, expand operations to other locations.

The e-scooter would be rolled out from the company’s Chakan plant and would be retailed from the company’s Pro-Biking dealerships.

The company also plans to export the model to various relevant markets in Europe from next year itself. The Electric Chetak offers a driving range of 95 km in ECO mode and 85 km in SPORTS mode.

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