Yes Bank to raise extra Rs 5,000 crore
The reconstituted board of Yes Bank on Thursday decided to raise an additional amount of Rs 5,000 crore. Yes Bank had earlier received an approval to raise Rs 10,000 crore. In a separate communication to the bourses, Yes Bank said with effect from Thursday, the office of administrator Prashant Kumar stands vacated and the bank’s board has been re-constituted.
The new board includes Sunil Mehta as non-executive chairman, Mahesh Krishnamurti and Atul Bheda as non-executive directors, R. Gandhi and Ananth Narayan as additional directors appointed by the RBI, Partha Pratim Sengupta and Swaminathan Janakiraman as directors nominated by State Bank of India and Prashant Kumar who will be the managing director & CEO.
“Any issuance of securities pursuant to Thursday’s resolution may be undertaken either as a part of, or separately from, any issuance of securities that was previously approved by the board and the shareholders of the bank subject to such issuance of securities not exceeding an aggregate amount of Rs 15,000 crore,” Yes Bank said. The capital would be raised through qualified institutional placement or public issue among others.
Shares of Yes Bank on Thursday ended with a loss of 10.27 per cent, or Rs 3.05, to end at Rs 26.65 on the BSE.