Yes Bank acquires 47.83 lakh shares of Business India Publications

The Bank acquired an 18.10% stake in BIPL through the invocation of the pledge, upon extinguishment of the loan.

Jun 25, 2021 12:06 IST India Infoline News Service

Yes, Bank Limited has acquired 47.83 lakh equity shares, constituting 18.10% of the paid-up share capital, of Business India Publications Ltd through the invocation of pledge, upon extinguishment of loan.

“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,” company said in a filing on Thursday.

The company further informed that BIPL is a Media & Entertainment. The turnover of BIPL was Rs19.57cr during FY 2017-18. Business India group, promoted by Ashok Advani in 1978, is/was into publication of business news magazines. Its initiative started with launch of “Business India” magazine under partnership firm, whose business was transferred in 1997, to a newly incorporated company “Business India Publications Ltd” (‘BIPL’). BIPL was classified as NPA by Yes Bank on May 30, 2014 as per RBI guidelines.

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

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