Yes Bank buys 47.83 lakh shares of Business India Publications

Yes Bank Limited, upon loan extinguishment, acquired 47.83 lakh equity shares of Business India Publications Ltd, representing 18.10 percent of the paid-up share capital.

“Yes Bank Limited has transferred back on June 23, 2021, 47,83,295 equity shares having a nominal value of Rs.10/- each, constituting 18.10 % of the paid-up share capital of an unlisted company, namely, Business India Publications Limited (‘BIPL’) which were acquired through invocation of pledge, upon extinguishment of loan.”

“Earlier, the pledge of shares was invoked on default/breach of terms of credit facilities sanctioned by YES Bank Limited to BIPL and the said shares are now been transferred back on extinguishment of loan,” the firm stated in a filing on 24th June 2021.

BIPL is also a Media & Entertainment firm, according to the corporation. BIPL’s revenue in fiscal year 2017-18 was Rs19.57 crore. The Business India group, founded in 1978 by Ashok Advani, publishes business news publications. Its effort began with the publication of “Business India” magazine under a partnership entity, the business of which was transferred to a newly established company Business India Publications Ltd (‘BIPL’) in 1997. Yes Bank categorised BIPL as NPA on May 30, 2014, in accordance with RBI rules.

Yes Bank Ltd was trading at Rs13.68 per piece at about 12.44 PM, up Rs0.06 or 0.44 percent from its previous closing price of Rs13.62 per piece on the BSE.

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