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  • News From Press Reliance MF asks Yes Bank promoters to top up collateral as stock price plummets

    Reliance MF asks Yes Bank promoters to top up collateral as stock price plummets

    Source: Mint Sep 12, 2019

    Reliance Mutual Fund has reportedly asked Yes Bank promoters to top up their collateral by ₹500 crore after a precipitous decline in Yes Bank shares. As Mint reported here, the promoter family has pledged a stake amounting to about 7.34% in Yes Bank to Reliance Nippon Life Asset Management (RNAM) as collateral against debt issued to the mutual fund house by Morgan Credits Pvt Ltd, a firm owned by the promoter family. A Mint questionnaire to Reliance Mutual Fund on its exposure and action asking for a collateral hike went unanswered.'

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