Yes Bank share rose 15 percent on Wednesday on reports that Rana Kapoor is in talks with Paytm to sell his stake in the bank. The stock rose as much as 15 percent to Rs 72.55 per share on BSE. At 1:25 pm, the stock was trading 13.5 percent higher at Rs 71.65 as compared to a 0.36 percent or 133 points rise in BSE Sensex at 37,277.

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In August, Kapoor sought out Vijay Shekhar Sharma, the founder and CEO of the Noida-based mobile payments startup backed by Japan’s Softbank, and offered to sell his stake in Yes Bank, as well as that of his family members, for a price in the range of Rs 1,800-2,000 crore, and that negotiations are ongoing, Moneycontrol reported.

Kapoor, with his family members, and the investment firms they control, own a 9.64 percent stake in the private sector lender. As of Monday's close of Rs 63.10, the shareholding of Kapoor and his family members is worth Rs 1,550 crore.

Kapoor earlier pledged his entire Yes Bank stake and that of Morgan Credits in the lender to Reliance Nippon Life Asset Management, an Anil Ambani-promoted company, for Rs 1,500 crore. He has repaid 30 percent of the amount.

“He has taken consent from Reliance to sell the shares, pay back the money owed to Reliance Nippon, and keep whatever he makes on top of it,” one of the people aware of the development was quoted as saying in the Moneycontrol report.

Clarifying to bourses on these reports, Yes Bank said that it, in the usual and ordinary course of its business, continues to explore various means of raising capital/funds through issuance of securities to diverse set of investors, in order to meet its business/regulatory requirements, subject to compliance with prescribed procedures and receipt of statutory/regulatory approvals.

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First Published:Sept 11, 2019 9:44 AM IST