Photo: Reuters
Photo: Reuters

Yes Bank invokes pledge to take 20.6% stake in Tulip Star Hotels

  • The private lender exercised its right after Ezeego One Travel, a company that had pledged Tulip Star shares to it, defaulted on its loans
  • Tulip Star Hotels is a holding company owning 50% stake in V Hotels Limited, which operates a prime hotel property in Juhu, Mumbai

NEW DELHI : Yes Bank has acquired about 20.6% stake in Tulip Star Hotels Limited by invoking 949,930 pledged equity shares of the company.

The private lender exercised its right after Ezeego One Travel, a company that had pledged Tulip Star shares to it, defaulted on its loans. Ezeego is part of the Cox & Kings group. Each share carries a face value of 10. The release did not reveal the value of the transaction.

Tulip Star Hotels is a holding company owning 50% stake in V Hotels Limited, which operates a prime hotel property in Juhu, Mumbai.

Yes Bank shares have been buzzing after its CEO Ravneet Gill announced that the bank will complete its capital raising process by December this year and that it has received offers worth $3 billion from potential investors.

Earlier this month, ace stock market investor Rakesh Jhunjunwala bought shares worth Rs87 crore in Yes Bank.

Yes Bank reported a net loss of 600 crore for the three months to September primarily owing to a one-time deferred-tax asset (DTA) adjustment of 709 crore.

The shares of Yes Bank on Tuesday closed 2.7% lower at 64.15 after hitting the intraday high of 67.25. The shares have more than doubled in less than two months from their low of 29.05 on 1 October which also happens to be a 52-week low for the stock.

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