INSUBCONTINENT EXCLUSIVE:
has prepaid Rs 400 crore non-convertible debentures (NCDs) held by two mutual funds.
According to ET Now, the promoters has prepaid Rs 200
crore each of NCDs held by Reliance Mutual Fund and Franklin Templeton
The stock recovered from 7 per cent low to end at Rs 191.70, down 1.97 per cent.
ET on Monday reported that some investors feared that
ratings assigned to the instruments could be shaky after the steep stock price fall in the past few months
Morgan Credits, which owns 3.04 per cent in YES Bank had raised Rs 1,160 crore from sale of debentures
One of the covenants of the deal was that there should be enough security cover for these debentures, i.e., the value of collateral
Sundeep Sikka, CEO of Reliance Mutual Fund had told ET that the total exposure against security of YES Bank shares, after netting off cash
top-up margins, is approximately Rs 1,400 crore between one another mutual fund and Reliance Mutual Fund
The value of the security at current prices, is approximately Rs 4,000 crore, which is nearly 300 per cent
