If you have bitten a bullet, you better chew it, too. Fund houses that have financed Yes Bank co-founder Rana Kapoor are finding it hard to do that.
Enticed by returns during good times, fund managers had entered into a layered deal that uses Kapoor’s Yes Bank shares as collateral for a loan. Interestingly, the loan was unsecured and investors couldn’t force Kapoor to sell his shares to make good a repayment.
